All 19% of ADNOC Logistics’ IPO shares sold in minutes
ALBAWABA – ADNOC Logistics and Services’ shares jumped more than 50 percent on the Abu Dhabi Stock Exchange, June 1, during the early minutes of the first session of the company’s first Initial Public Offering (IPO).
ADNOC Logistics and Services’ share reached AED3.03 on Thursday, according to Sky News Arabia.
Abu Dhabi National Oil Company (ADNOC)’s historic Logistics and Services company IPO has seen exceptional demand.
It has seen the largest demand, compared to any other IPO in the world in 2023, and the second largest IPO in the Middle East and North Africa (MENA) region So far this year.
ADNOC also launched the Gas company’s IPO in March, which has attracted more than AED 460 billion ($125 billion) in investments overall.
The Logistics and Services IPO, overall, exceeded 163 times the target value, Sky News Arabia reported.
A minority share in the company was offered in the IPO, at 19 percent of the company, all sold out.
By the end of the sessions, the IPO brought in AED2.83 billion ($769 million). Noting that the company’s IPO shares were raised from the original 15 percent to 19 percent to meet high demand.
All of the shares were sold within minutes of opening, as reported by Sky News Arabia.
