UAE's ADNOC Logistics Surges 50 Percent In Share Float

Sumaira FH Published June 01, 2023 | 06:10 PM

Abu Dhabi, June 1 (UrduPoint / Pakistan Point News - 1st Jun, 2023 ) :Shares in UAE state oil company ADNOC's logistics unit soared 50 percent after their market debut in a $769 million initial public offering on Thursday.

ADNOC Logistics and Services, formed in 2016, was heavily oversubscribed even after the offering was expanded from 1.1 billion to more than 1.4 billion shares, equivalent to 19 percent of the business.

The shares closed at 3.

13 Dirhams ($0.85), close to their highest point of the day, after launching at 2.01 dirhams, the top of their range.

The listing is the second biggest in the middle East and North Africa this year after ADNOC floated its gas unit in a $2.5 billion IPO in March.

Abdulkareem Al Masabi, CEO of ADNOC L&S, welcomed the "landmark IPO", saying in a statement that the firm "will provide investors with exciting growth opportunities, as we decarbonise our operations".