{"id":95252,"date":"2024-08-29T00:00:00","date_gmt":"2024-08-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/nmdc-to-list-23-of-epc-unit-on-the-adx-in-aed-3-22-bn-ipo\/"},"modified":"2024-08-29T00:00:00","modified_gmt":"2024-08-29T00:00:00","slug":"nmdc-to-list-23-of-epc-unit-on-the-adx-in-aed-3-22-bn-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/29\/nmdc-to-list-23-of-epc-unit-on-the-adx-in-aed-3-22-bn-ipo\/","title":{"rendered":"NMDC to list 23% of EPC unit on the ADX in AED 3.22 bn IPO"},"content":{"rendered":"

NMDC to kick off NMDC Energy\u2019s IPO subscription process tomorrow: <\/strong>The National Marine Dredging Company (NMDC) will list 23% of its shares in its engineering, procurement and construction unit, NMDC Energy<\/a>, on the ADX, after receiving approval from the Securities and Commodities Authority and the ADX, according to a regulatory filing (pdf)<\/a>. The value of the shares on offer is AED 3.22 bn, with the share price set at AED 2.8, the company said. NMDC\u2019s board approved<\/a> the IPO in its meeting earlier this week. <\/p>\n

The timeline: <\/strong>The subscription period will begin tomorrow and wrap on 4 September, with the shares expected to be listed on the ADX on 11 September. <\/p>\n

The breakdown: <\/strong>Retail investors are allocated 2.17% of the shares, while institutional investors are allocated 85.43%. The remaining 12.39% will be allocated to a cornerstone investor, Al Ataa Investment, subject to the general assembly\u2019s approval. This will be in exchange for certain plots of land allocated for commercial investment from a special purpose vehicle dubbed HMR Investment.<\/p>\n

Background:<\/strong> NMDC has several projects in the pipeline across the GCC, with a backlog of AED 54 bn of projects, according to the statement. This includes a USD 254.6 mn contract with Adnoc to establish a new gas pipeline<\/a> and its associated facilities. The company will also establish a USD 100 mn fabrication manufacturing<\/a> facility in Abu Dhabi\u2019s Khalifa Economic Zone (Kezad).<\/p>\n

ADVISORS-<\/strong> First Abu Dhabi Bank is the lead receiving bank and lead manager on the IPO, with Abu Dhabi Commercial Bank, WIO Bank, and Al Maryah Community Bank also acting as receiving banks. The lead placement agent will be International Securities, while Hadef & Partners will act as legal counsel and Ernst & Young will be the auditors. <\/p>\n

This will be only the second IPO on the ADX this year:<\/strong> Edtech firm Alef Education is so far the ADX\u2019s only IPO of the year, raising AED 1.89 bn<\/a> \u2014 making it the biggest this year \u2014 but seeing a lackluster debut, with shares falling 18% on its first day of trading. Its shares are still trading below its final IPO price at AED 1.24 as of market close yesterday. <\/p>\n

There\u2019s more in the pipeline: <\/strong>The exchange could see the Gulf\u2019s first airline IPO, courtesy of Etihad Airways<\/a>, which has already tapped advisors for the sale, alongside supermarket chain LuLu group<\/a>. Abu Dhabi National Hotels (ADNH) has also tapped Citigroup and First Abu Dhabi Bank to work on a planned IPO for its catering business ADNH Catering, while Alpha Data could<\/a> tap the bourse this year. <\/p>\n","protected":false},"excerpt":{"rendered":"

NMDC obtains a capital funding essential to fuel its future projects<\/p>\n","protected":false},"author":1,"featured_media":95253,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1560],"tags":[74,7,149,858,1366],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-adx","tag-enterpriseam-uae","tag-ipo-watch","tag-national-marine-dredging-company","tag-nmdc-energy","wpautop","entry"],"acf":{"mongo_id":"ca6baeb7-98f6-4b31-a5fd-64b4830af625","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/851.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NMDC to list 23% of EPC unit on the ADX in AED 3.22 bn IPO","related_issue":[95247],"teaser":"NMDC obtains a capital funding essential to fuel its future projects","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.1fa95a57-9a47-4b4f-ba0d-12e5a0712d86.mp3"},"yoast_head":"\nNMDC to list 23% of EPC unit on the ADX in AED 3.22 bn IPO - 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