NMDC Group’s IPO of NMDC Energy Oversubscribed on Day 1

NMDC Group (P.J.S.C.), a leader in engineering, procurement, construction, and marine dredging, announced today that the Initial Public Offering (IPO) for its subsidiary, NMDC Energy (P.J.S.C.), has been oversubscribed within hours on the first day of its subscription period. The offering includes 1.15 billion shares at AED 2.8 per share.

NMDC Energy, formerly known as NPCC, is currently wholly owned by NMDC Group. Backed by Alpha Dhabi Holding, a unit of IHC, NMDC Energy has a share capital of AED 2.5 billion, divided into five billion shares with a nominal value of AED 0.5 each. The subscription period will remain open until Wednesday, 4 September 2024, with NMDC Energy planning to list its shares on the Abu Dhabi Securities Exchange (ADX) on Wednesday, 11 September 2024.

Yasser Zaghloul, Group CEO of NMDC, expressed confidence in the IPO's success, stating, “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. This IPO will support the expansion of NMDC Energy, accelerate innovation, and deliver long-term value to shareholders.”

The IPO's lead receiving bank and manager is First Abu Dhabi Bank PJSC, with other receiving banks including Abu Dhabi Commercial Bank PJSC, WIO Bank PJSC, and Al Maryah Community Bank LLC. International Securities LLC serves as the placement agent and listing advisor for the IPO. The prospectus for the IPO is available on the NMDC Energy website.