Hadef & Partners has advised NMDC Energy, in connection with its initial public offering (IPO) and planned listing on the Abu Dhabi Securities Exchange (ADX).
NMDC Energy, formerly known as the National Petroleum Construction Company (NPCC), is a wholly owned subsidiary of NMDC Group, an integrated energy and marine services, engineering, procurement, and construction organisation.
NMDC Group is offering 1.15 billion shares in NMDC Energy, priced at AED 2.8 per share.
The subscription period runs from August 31 until September 4. It was oversubscribed 14 times by day four of its subscription period.
NMDC Energy is expected to list on the ADX on September 11.
NMDC Group said in a statement the IPO continues to receive widespread interest from investors. Its shares, listed on the ADX, jumped by more than 9% to its highest level since March on Monday.
The lead receiving bank and lead manager for the IPO is First Abu Dhabi Bank, who was advised by Ibrahim & Partners.
The firm’s managing partner and equity capital markets specialist Ahmed Ibrahim led on the transaction.
Other receiving banks for the IPO are Abu Dhabi Commercial Bank, WIO Bank, and Al Maryah Community Bank. The placement agent and listing advisor for NMDC Energy is International Securities LLC.
