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NMDC Energy’s shares opened at AED 3.35 on its trading debut on the ADX yesterday, up 20% from the final set price of AED 2.8. Shares closed at AED 3.02, up 7.86%. The IPO raised AED 3.22 bn after receiving more than AED 88 bn in orders, with the order book 31x oversubscribed — excluding cornerstone investors.
This marks the largest IPO of the year in the UAE, with edtech firm Alef Education’s IPO following closely, raising AED 1.89 bn but seeing a lackluster debut, with shares falling 18% on its first day of trading. Alef’s shares were trading at AED 1.17 as of yesterday — down 13% YTD.
There’s more in the ADX pipeline:
- Supermarket chain LuLu group tapped advisors for a potential sale this year;
- Abu Dhabi National Hotels tapped Citigroup and First Abu Dhabi Bank to work on a planned IPO for its catering business ADNH Catering;
- Alpha Data could tap the bourse this year;
- Etihad Airways has tapped advisors for what could be the Gulf’s first airline IPO next year.
ADVISORS- FAB acted as lead receiving bank and lead manager for the IPO. ADCB, WIO Bank, and Al Maryah Community Bank served as other receiving banks. International Securities acted as the placement agent and listing advisor. Hadef & Partners were the legal advisors.
The story got ink in Bloomberg.
