Adnoc Logistics IPO Gets $125 Billion in Orders for $769 Million IPO - Bloomberg
Adnoc Logistics & Services drew orders worth $125 billion for its $769 million initial public offering in Abu Dhabi, as investors flocked to the share sale amid a dearth in deals in other regions.
Abu Dhabi National Oil Co. sold 1.41 billion shares — or a 19% stake — in its maritime logistics unit at 2.01 dirhams each, the top of a narrow range that started at 1.99 dirhams, according to a statement on Thursday. That values the company at $4.05 billion.
The demand for the IPO is the highest globally this year and implies an oversubscription level of 163 times in aggregate, Adnoc said.
The size of the float had already been increased by over a quarter on strong investor demand. That’s been a recurring theme in Middle Eastern IPOs, which have stood out against a global slump in listings, as high oil prices buoy the region.
No comments:
Post a Comment