NMDC Energy IPO 14 Times Oversubscribed Within Day 4

(MENAFN- Khaleej Times) NMDC Group – PJSC, a leader in engineering, procurement, construction, and marine dredging, announced on Monday that the initial public offering for 1.15 billion shares in its wholly owned subsidiary, NMDC Energy – PJSC has been oversubscribed 14 times by day four of its subscription period following the weekend, and will close on Wednesday, 4 September 2024.

NMDC Group's shares, listed on ADX, have jumped more than 9 per cent to its highest level since March on Monday.

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 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. NMDC Energy intends to list its shares on the Abu Dhabi Securities Exchange on September 11.

The lead receiving bank and lead manager for the IPO is First Abu Dhabi Bank PJSC. Other receiving banks for the IPO are Abu Dhabi Commercial Bank PJSC, WIO Bank PJSC, and Al Maryah Community Bank LLC. The placement agent for the IPO and listing advisor for NMDC Energy is International Securities LLC.

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