NMDC Group announced on Friday that the Initial Public Offering (IPO) for 1.15 billion shares in its wholly owned subsidiary, NMDC Energy, was oversubscribed within hours of the subscription period's commencement. Previously known as NPCC, NMDC Energy is currently a 100% subsidiary of NMDC Group. With a share capital of Dh2.5 billion divided into five billion shares, each with a nominal value of Dh0.5, the offer shares are priced at Dh2.8 per share for eligible investors. The subscription period is set to conclude on Wednesday, September 4. NMDC Energy plans to list its shares on the Abu Dhabi Securities Exchange on Wednesday, September 11.
"The robust early interest from investors in the NMDC Energy IPO reflects a strong belief in the company's solid fundamentals and substantial growth prospects. This IPO will facilitate the expansion of NMDC Energy, spur innovation, and create long-term value for shareholders," stated Yasser Zaghloul, Group CEO of NMDC. First Abu Dhabi Bank PJSC is the lead receiving bank and lead manager for the IPO, with Abu Dhabi Commercial Bank PJSC, WIO Bank PJSC, and Al Maryah Community Bank LLC also serving as receiving banks. International Securities LLC acts as the placement agent for the IPO and the listing advisor for NMDC Energy.
