2023-06-01 22:06:45
The share of “ADNOC Logistics and Services” jumped at the end of yesterday’s trading, by 55.7%, above its listing price in the first trading session for the share on the Abu Dhabi Securities Market.
According to market data, the share price reached the end of trading at the level of 3.13 dirhams, compared to the subscription price of 2.01 dirhams.
The market value of the share rose in the first trading sessions by 55.4%, equivalent to 8.257 billion dirhams, to rise to 23.157 billion dirhams, compared to 14.9 billion dirhams, its estimated value before trading.
The offering of “ADNOC Logistics and Services” witnessed an exceptional demand, making it the highest request for a public subscription in the world in 2023, and the second largest listing in the Middle East and North Africa region this year so far following the public offering of “ADNOC Gas” last March, as it attracted A total demand from investors exceeded 460 billion dirhams.
Overall, the offering exceeded the target value by 163 times, making it the highest level ever to exceed the target value for building a price for an IPO in the UAE.
The initial public offering of a 19% minority stake in the issued shares of ADNOC Logistics and Services Company achieved total revenues of regarding 2.83 billion dirhams, following increasing it from 15% to meet the large demand from investors.
This is the sixth historic initial public offering that ADNOC has implemented on the Abu Dhabi Stock Exchange since 2017. ADNOC Gas.
The initial public offerings that ADNOC has carried out collectively so far have raised more than 29.38 billion dirhams, achieving a total demand of 1.41 trillion dirhams, which reinforces ADNOC’s pivotal role in establishing the country’s position as a preferred destination for global capital.
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