The Initial Public Offering (IPO) or Offering for 1.15 billion shares (Offer Shares) in NMDC Group’s wholly owned subsidiary, NMDC Energy (NMDC Energy), was oversubscribed in a matter of hours after it opened for subscriptions, the company said on Friday.
NMDC Energy, formerly known as NPCC, is a fully owned subsidiary of NMDC Group with a strong revenue growth track record supported by Alpha Dhabi Holding, an IHC unit. Five billion shares, each nominally worth Dhs0.5, make up NMDC Energy’s share capital of Dhs2.5 billion. Offer Shares are priced at Dhs 2.8 per share for qualified investors.
“Strong early investor interest in the NMDC Energy IPO sends a clear message about confidence in both the solid fundamentals and significant growth potential of the business,” stated Yasser Zaghloul, Group CEO of NMDC. Through this IPO, NMDC Energy can expand, innovate more quickly, and provide long-term value to its shareholders.
First Abu Dhabi Bank PJSC is the lead receiving bank and lead manager for the initial public offering. Al Maryah Community Bank LLC, WIO Bank PJSC, and Abu Dhabi Commercial Bank PJSC are the other receiving banks for the IPO. International Securities LLC is NMDC Energy’s listing advisor and placement agent for the initial public offering.
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