NMDC Group's NMDC Energy IPO 7x Oversubscribed by Day 2

NMDC Group P.J.S.C. (ADX: NMDC), a prominent player in engineering, procurement, construction, and marine dredging, has announced that the Initial Public Offering (IPO) of its subsidiary, NMDC Energy P.J.S.C. (“NMDC Energy”), has been oversubscribed seven times within just two days of its launch. Despite the weekend timing, investor interest has surged, signaling strong confidence in the offering.

The IPO involves the sale of 1.15 billion shares in NMDC Energy, priced at AED 2.8 per share. The subscription period for the IPO is set to close on Wednesday, September 4, 2024. Following the successful completion of the offering, NMDC Energy plans to list its shares on the Abu Dhabi Securities Exchange (ADX) on Wednesday, September 11, 2024, marking a pivotal moment in the company’s expansion strategy.

NMDC Energy, previously known as NPCC, is fully owned by NMDC Group. The company has demonstrated solid growth, backed by Alpha Dhabi Holding, a subsidiary of International Holding Company (IHC). With a share capital of AED 2.5 billion, NMDC Energy has issued five billion shares with a nominal value of AED 0.5 each.

First Abu Dhabi Bank PJSC is serving as the lead receiving bank and lead manager for the IPO, with additional support from Abu Dhabi Commercial Bank PJSC, WIO Bank PJSC, and Al Maryah Community Bank LLC. International Securities LLC is acting as the placement agent and listing advisor for the offering. Investors can access the IPO prospectus on the company's website.