NMDC Energy shares initially surged over 21 per cent before settling with an 8 per cent gain after its historic IPO in the UAE.
The company commenced trading on the Abu Dhabi Securities Exchange (ADX) following an Initial Public Offering (IPO) that was oversubscribed by 31.3 times. Early trading saw shares rise from the IPO price of AED 2.80 to AED 3.40 before closing at AED 3.02.
Chairman Mohamed Hamad Ghanem Hamad Almehairi led the ADX bell-ringing ceremony, marking the start of NMDC Energy’s public listing. The event was attended by NMDC Group Chairman Mohamed Thani Murshid Al Rumaithi, along with board members and distinguished guests celebrating the IPO’s success.
The offering included 1.15bn shares, representing 23 per cent of the company, priced at AED 2.80 each. Final allocations went to retail (0.17 per cent) and professional investors (6 per cent).
Almehairi hailed the listing as a milestone for the sector, emphasising the company’s future partnerships and growth potential. NMDC Group CEO Yasser Zaghloul described the IPO as historic, attracting AED 88B ($24B) in investments, while CEO Ahmed Al Dhaheri highlighted the strong confidence investors have in NMDC Energy’s future, positioning it as a key player in the evolving energy sector.
