NMDC Energy IPO heavily oversubscribed

NMDC Group, a leader in engineering, procurement, construction, and marine dredging, has announced that the Initial Public Offering (IPO) of NMDC Energy was 31.3 times oversubscribed, generating AED 3.22bn (US$880mn) for the Group

The offering of 1.15 billion shares in NMDC Energy, representing 23% of the total share capital, was made available to eligible investors at AED 2.8 per share. The IPO was oversubscribed within hours of its launch on 30 August 2024. At the close of the subscription period, the Retail tranche was oversubscribed 600 times, and the Professional tranche by 16.7 times.

Unprecented interest

Yasser Zaghloul, Group CEO of NMDC, said, “The unprecedented interest we received underscores the market’s trust in NMDC Group’s ability to lead the industries of the future. With this step, we are building a legacy that goes beyond profits; it’s about sustainable growth, technological innovation, and pushing the boundaries of what’s possible in the energy sector. The future will see NMDC Energy pioneering solutions that power industries and inspire and uplift communities both regionally and globally. As we enter this next phase, I am more confident than ever that NMDC Energy will continue to set new benchmarks and deliver on our promise to drive meaningful progress for the UAE and the global stage.

Ahmed Al Dhaheri, CEO of NMDC Energy, added, “The immense investor interest in our IPO clearly demonstrates that the market understands the value and potential of NMDC Energy. Additionally, this IPO consolidates the UAE’s position a leader in supplying the world’s energy needs. As we prepare for a new phase as an ADX-listed company, we will build on this milestone by targeting organic and inorganic growth, expanding our geographical reach, as well as creating synergies that drive transformation and innovation across the business.”