Abu Dhabi: ADX-listed NMDC Group’s IPO of its wholly-owned subsidiary NMDC Energy was oversubscribed within hours of the first day of the subscription period. NMDC Group, an engineering, procurement, construction, and marine dredging company, offered 1.15 billion shares of NMDC Energy.
IHC unit Alpha Dhabi Holding backs NMDC Energy (formerly NPCC). Its share capital is Dh2.5 billion, divided into five billion shares with a nominal value of Dh0.5 each. Offer shares are available to eligible investors at Dh2.8 per share. The subscription period will close on Wednesday, September 4. NMDC Energy intends to list its shares on the Abu Dhabi Securities Exchange (ADX) on Wednesday, September 11.
Yasser Zaghloul, Group CEO of NMDC, said, “Strong early investor interest in the NMDC Energy IPO sends a clear message about confidence in both the solid fundamentals and significant growth potential of the business.” He added, “This IPO will support the expansion of NMDC Energy, accelerate innovation and deliver long-term value to shareholders.”
NMDC Energy provides integrated solutions in the energy sector, including engineering, procurement, and construction services. The company operates manufacturing facilities in Abu Dhabi, covering 1.3 million square meters. And as of June 30, NMDC Energy's backlog were valued at approximately Dh54 billion, spanning diverse sectors and regions.
The company has successfully executed over 1,200 strategic projects, including the construction of more than 1,360 facilities, the installation of approximately 8,000 kilometres of onshore and offshore pipelines, and 2,000 kilometres of submarine cables.
First Abu Dhabi Bank PJSC is the lead receiving bank and lead manager for the IPO. Other receiving banks for the IPO are Abu Dhabi Commercial Bank PJSC, WIO Bank PJSC, and Al Maryah Community Bank LLC.
