Adnoc L&S IPO share price jumps on its trading debut: Stock in Adnoc Logistics & Services opened at AED 2.91 on its ADX debut on Thursday, rising above the offering price of AED 2.01, which was already at the top end of the initial marketed range, Bloomberg reports. Shares jumped throughout the day to as much as 58% above its initial offering price, Emirati state news agency WAM reports. Shares settled 56% up at AED 3.13, before falling to AED 3.01 on Friday.

The increase in the company’s share price was the third-largest globally this year for a listing that generated over USD 500 mn, according to the business information service.

Refresher: The company’s IPO — which wrapped last week — raised USD 769 mn, with some 1.41 bn shares, or a 19% stake, sold following a historic book building process that saw shares 163x oversubscribed. The IPO is the second-largest listing in the MENA region this year, after ADNOC Gas’ IPO in March. Due to the significant investor interest, Adnoc had increased the size of the IPO by more than 25%.

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