NMDC Energy’s shares surged over 21% from their initial price on their debut at the Abu Dhabi Securities Exchange (ADX) but ended the day with a solid 8% gain. The IPO, the largest of the year, was significantly oversubscribed by 31.3 times.
Trading began with NMDC Energy shares rising from AED 2.80 to AED 3.40 before settling at AED 3.02 by the end of the trading day. The IPO involved offering 1.15 billion shares, representing 23% of the company’s total capital, at AED 2.80 per share.
Mohamed Hamad Ghanem Hamad Almehairi, Chairman of NMDC Energy, led the market opening ceremony, joined by NMDC Group Chairman Mohamed Thani Murshid Al Rumaithi and other distinguished guests. Almehairi described the listing as a landmark achievement for the energy sector, setting a new pace for Abu Dhabi’s engineering and construction industries.
Yasser Zaghloul, Group CEO of NMDC, highlighted the IPO’s success, which attracted AED 88 billion ($24 billion) in investments. He expressed pride in the achievement and gratitude to the ADX for supporting the IPO.
Ahmed Al Dhaheri, CEO of NMDC Energy, noted that the IPO reflects strong investor confidence and marks a significant shift in the company’s role within the energy sector, positioning it for future growth.
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