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NMDC Group shares rise following NMDC Energy IPO announcement
(MENAFN) Shares of NMDC Group, traded on the Abu Dhabi Securities Exchange, saw a significant increase of over 9 percent, reaching their highest level since March of the previous year. This surge followed the company’s recent announcement regarding the initial public offering (IPO) of its subsidiary, NMDC Energy, previously known as National Petroleum Construction Company. The board of NMDC Group approved the IPO, which aims to raise approximately USD877 million (AED 3.22 billion) through the sale of 1.15 billion shares priced at AED 2.8 each.
The IPO process for NMDC Energy has been highly successful so far, with the initial demand surpassing expectations during the early hours of the subscription period. This period is set to close on September 4, 2024, with the subsidiary’s shares scheduled to list on the Abu Dhabi Securities Exchange on September 11, 2024. NMDC Energy, which offers integrated solutions in engineering, procurement, and construction within the energy sector, is poised to benefit from this capital influx.
NMDC Group, headquartered in the UAE, is a diversified marine and energy conglomerate managing four key subsidiaries: NMDC Dredging & Marine, NMDC Energy, NMDC Construction, and NMDC Engineering. The group rebranded from the National Marine Dredging Company to NMDC Group in August 2023, completing the necessary legal formalities for this transition.
The IPO process for NMDC Energy has been highly successful so far, with the initial demand surpassing expectations during the early hours of the subscription period. This period is set to close on September 4, 2024, with the subsidiary’s shares scheduled to list on the Abu Dhabi Securities Exchange on September 11, 2024. NMDC Energy, which offers integrated solutions in engineering, procurement, and construction within the energy sector, is poised to benefit from this capital influx.
NMDC Group, headquartered in the UAE, is a diversified marine and energy conglomerate managing four key subsidiaries: NMDC Dredging & Marine, NMDC Energy, NMDC Construction, and NMDC Engineering. The group rebranded from the National Marine Dredging Company to NMDC Group in August 2023, completing the necessary legal formalities for this transition.
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