Shares of ADNOC Logistics and Services Company jumped 49% to AED2.91, the shares are listed and traded on the Abu Dhabi financial market today, Thursday.
The placement price was 2.01 dirhams.
Abu Dhabi National Oil Company, ADNOC, has announced the completion of pricing and initial public offering of its subsidiary ADNOC Logistics and Services, which specializes in shipping and offshore logistics for the energy sector.
The placement generated revenue of around AED2.8 billion after a 19% equity subscription at a final price of AED2.01 per share, the upper end of the price range.
ADNOC Logistics and Services’ offer generated strong demand, exceeding AED 460 billion, 163 times the target. The company achieved the highest overshoot of the target value in the history of IPO pricing in the UAE.
