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Press Dossier   News Category    Economy    Abu Dhabi’s ADNOC Logistics & Services trades 44.8% over IPO price in debut

Arab News, Saturday, Jun 03, 2023 | Thul-Qidah 14, 1444

Abu Dhabi’s ADNOC Logistics & Services trades 44.8% over IPO price in debut

Saudi Arabia: Shares in Abu Dhabi’s ADNOC Logistics & Services climbed 44.8 percent above their listing price on its market debut on Thursday, after raising $769 million in an initial public offering for 19 percent of the business. 

Shares traded at 2.91 UAE dirhams ($0.79) as the Abu Dhabi market opened against an IPO price at the top of the indicative range at 2.01 dirhams per share. 

ADNOC L&S exports crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi. 

It was created in 2016 following a merger between Abu Dhabi National Tanker Co., Petroleum Services Co. and Abu Dhabi Petroleum Ports Operating Co.

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