NMDC Group’s IPO of NMDC Energy 7x oversubscribed within Day 2
(MENAFN- Weber Shandwick) Abu Dhabi, UAE: 31 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 seven times by day two of its subscription period.
Strong investor interest is continuing at pace despite day 2 falling at the weekend. 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, marking a significant milestone in its growth journey.
NMDC Energy (formerly NPCC) is currently wholly owned by NMDC Group, which boasts a solid track record achieved through robust revenue growth and is positioned for continued success backed by Alpha Dhabi Holding, a subsidiary of International Holding Company (IHC). 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.
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