Khaleej Times, Thursday, Jun 01, 2023 | Thul-Qidah 12, 1444
Adnoc IPO: Logistics & Services shares jump over 50% on listing
Emirates:
Adnoc Logistics & Services, a subsidiary of Adnoc Group, shares jumped over 50
per cent to over Dh3 per share on the first day of trading on the Abu Dhabi
Securities Exchange on Thursday.
The newly-listed company’s shares were the most active at the opening of the
markets.
Abu Dhabi Securities Exchange’s main index was also trading higher at 9,418.11
points, up 0.123 per cent, in early trade.
The previously-listed companies’ shares on both Dubai and Abu Dhabi bourses also
witnessed a major jump on the first day of listings.
Following massive demand, Adnoc Group hiked the size of the initial public
offering (IPO) of the logistics subsidiary from 15 per cent to 19 per cent last
month, raising $769 million.
The total number of ordinary shares sold in the IPO amounted to 1.4 billion as
compared to 1.1 billion previously.
The company set a price range of Dh2.01 per share, implying a market cap of
approximately $4 billion.
The company’s IPO saw massive oversubscription of 163 times to reach $125
billion.
"This offering saw the largest demand globally for an IPO this year to date and
achieved the highest-ever oversubscription for a UAE bookbuild IPO," said Khaled
Al Zaabi, group CFO of Adnoc.
Adnoc Logistics & Services is the sixth company of Adnoc Group that has been
listed on the local market in the last five years.