NMDC Group’s IPO of NMDC Energy oversubscribed within hours of Day 1

(MENAFN- Weber Shandwick) Abu Dhabi, UAE: 30 August 2024 – NMDC Group – P.J.S.C. (ADX: NMDC), a leader in engineering, procurement, construction, and marine dredging, announced today that the Initial Public Offering (“IPO” or “Offering”) for 1.15 billion shares (“Offer Shares”) in its wholly owned subsidiary, NMDC Energy – P.J.S.C. (“NMDC Energy”) has been oversubscribed within hours of the first day of its subscription period.

NMDC Energy (formerly NPCC) is currently wholly owned by NMDC Group, boasting a solid track record achieved through robust revenue growth, which is backed by IHC unit Alpha Dhabi Holding. NMDC Energy has a share capital of AED 2.5 billion divided into five billion shares with a nominal value of AED 0.5 each. Offer Shares are available to eligible investors at AED 2.8 per share. The subscription period will close on Wednesday, 4 September 2024. NMDC Energy intends to list its shares on the Abu Dhabi Securities Exchange (“ADX”) on Wednesday, 11 September 2024.

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. This IPO will support the expansion of NMDC Energy, accelerate innovation and deliver long-term value to shareholders.”

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