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NMDC Energy IPO on Abu Dhabi bourse attracts $24bn

By Pramod Kumar
The retail tranche of NMDC Energy's IPO was oversubscribed 600 times and the professional tranche by 16.7 times NMDC Group
The retail tranche of NMDC Energy's IPO was oversubscribed 600 times and the professional tranche by 16.7 times

The initial public offering (IPO) of NMDC Energy on the Abu Dhabi Securities Exchange (ADX) generated AED88 billion ($23.96 billion) in gross demand, oversubscribing by 31.3 times.

A total of 1.15 billion shares, representing 23 percent of NMDC Energy’s total share capital, were offered at AED2.8 per share.

The IPO was oversubscribed within hours of its launch on August 30. At the close of the subscription period, the retail tranche was oversubscribed 600 times and the professional tranche by 16.7 times.

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The offering raised AED3.2 billion for NMDC Group, the parent company.

The shares will start trading on the ADX on September 11, with NMDC Energy slated to hold its general assembly meeting on September 9.

A five-decade-old company, NMDC Energy offers integrated solutions in the energy sector, including engineering, procurement and construction services. It operates manufacturing facilities in Abu Dhabi, covering 1.3 million sq m.

As of June 30, 2024, the company’s backlog is AED54 billion. It is developing a new 400,000 sq m manufacturing facility at Ras Al Khair Port in Saudi Arabia as part of its regional expansion plan.

NMDC Group is backed by Alpha Dhabi Holding, the investment subsidiary of Abu Dhabi-headquartered  International Holding Company.

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