AD Ports Raises $1 Billion in Share Sale; Trading Debut Tuesday - Bloomberg
Abu Dhabi Ports Group, controlled by sovereign wealth fund ADQ, raised 4 billion dirhams ($1.1 billion) from a share sale and plans to list on the emirate’s stock market on Tuesday.
The proceeds will be used to finance growth, allowing Abu Dhabi Ports to “accelerate local and international expansion plans,” according to a statement. The company offered 1.25 billion shares at 3.20 dirhams ($0.87) each, people familiar with the matter said last month.
Abu Dhabi, the wealthiest of the United Arab Emirates’ seven sheikhdoms, has been at the center of a push to revive IPOs. The city’s exchange -- also owned by ADQ -- is offering sweeteners that include flexibility on the minimum stake size required for share sales and promises to reduce or forgo listing fees.
AD Ports, established in 2006, contributes about 14% of Abu Dhabi’s non-oil economic growth, according to the firm’s website. The company has recently become more active in capital markets, selling a debut bond of $1 billion in April and signaling plans to issue more debt to support investment.
No comments:
Post a Comment