NMDC Energy begins trading on ADX

• IPO oversubscribed by 31.3 times, generating total gross demand of AED 88 billion
• H.E. Mohamed Almehairi Chairman of NMDC Energy rang the bell to begin trading on ADX
• NMDC Energy now trading under NMDCENR

Abu Dhabi, UAE: 11 September 2024 –  NMDC Energy PJSC (ADX: NMDCENR), a provider of engineering, procurement and construction services for offshore and onshore energy clients, and a majority-owned subsidiary of NMDC Group PJSC (ADX: NMDC), today began trading on the Abu Dhabi Securities Exchange (ADX) following an Initial Public Offering (IPO) that was oversubscribed by 31.3 times.

H.E. Mohamed Hamad Ghanem Hamad Almehairi, Chairman of NMDC Energy, led the ADX bell ringing ceremony and officially opened the market. The event was attended by NMDC Group Chairman H.E. Mohamed Thani Murshid Al Rumaithi, along with members of the board of directors of NMDC Group and NMDC Energy and their distinguished guests who celebrated the culmination of the NMDC Energy IPO and its transition to a publicly listed company.

The offering of 1.15 billion shares in NMDC Energy, representing 23% of the total share capital, was made available to eligible investors at AED 2.8 per share. Final allocations were approximately 0.17% to Retail investors and 6% to Professional investors.

H.E. Mohamed Hamad Ghanem Hamad Almehairi, Chairman of NMDC Energy, said: “NMDC Energy’s listing is an exceptional achievement that will define the pace for the sector’s engineering, procurement and construction business in Abu Dhabi and beyond. To meet the future demands of the energy sector, we will continue to collaborate with value-add partners that share our forward-thinking mentality. Together, we will keep pushing forward with an unstoppable momentum.”

Yasser Zaghloul, Group CEO of NMDC, said: “Today is a historic day for NMDC Energy, our Group, and the UAE, and it is one that lays the foundation more great things to come. NMDC’s IPO opens trading today after drawing AED 88 billion in investment locally, regionally, and internationally. On behalf of everyone at our Group, I would like to thank ADX for the opportunity to make history, and I am proud that that today we are a visible example of the Abu Dhabi vision becoming reality.”

Ahmed Al Dhaheri, CEO of NMDC Energy, said: “The success of the NMDC Energy IPO reflects the confidence that the investment community has in our business. They understand the story of NMDC Energy and see immense value in our business, past, present and future. Our IPO listing speaks to a wider shift in our business and in our industry where NMDC Energy is now firmly positioned to have a stake in the energy sector of the future. I would like to personally welcome our investors onboard this new growth journey for NMDC Energy, as it charts an exciting path forward for Abu Dhabi.”

International Securities LLC was the placement agent and listing advisor. First Abu Dhabi Bank PJSC acted as lead receiving bank and lead manager for the IPO. Abu Dhabi Commercial Bank PJSC, WIO Bank PJSC, and Al Maryah Community Bank LLC were other receiving banks. Hadef & Partners were the legal advisors.

For 50 years, NMDC Energy has provided integrated engineering, procurement, and construction solutions to the energy sector. The company’s Abu Dhabi manufacturing facilities cover 1.3 million sqm, and it is also developing a new 400,000 sqm manufacturing facility at Ras Al Khair Port in Saudi Arabia. As of 30 June 2024, NMDC Energy’s backlog was valued at approximately AED 54 billion, with its diverse international portfolio including a strong presence in the UAE, Saudi Arabia, Kuwait, India and Taiwan.

NMDC Group is backed by Alpha Dhabi Holding, a fast-growing investment company in the Middle East and a subsidiary of International Holding Company (IHC).