Adnoc Unit’s $607 Million Abu Dhabi IPO Sells Out in Minutes - Bloomberg
The initial public offering of Adnoc Logistics & Services got enough orders to cover all shares within minutes, showing continued strong demand for listings in the Middle East.
Abu Dhabi National Oil Co. is selling about 1.11 billion shares in its maritime logistics unit at 1.99 dirhams ($0.54) to 2.01 dirhams each, valuing the company at as much as $4.05 billion, according to a statement Tuesday.
Order books for the IPO, which could raise as much as $607 million at the top end, were covered throughout the range and indicated demand exceeded deal size, according to a message to investors seen by Bloomberg News.
Al Seer Marine Supplies & Equipment Co PJSC, National Marine Dredging Co PJSC, Alpha Oryx Ltd. — ultimately owned by Abu Dhabi wealth fund ADQ — and Abu Dhabi Pension Fund have committed to become cornerstone investors and subscribed for about $180 million combined.
The deal is the second listing of a unit by state-owned Adnoc this year, after it raised $2.5 billion in the IPO of its gas business in March. It’s also set to be the second-biggest IPO in the Middle East so far this year.
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