Abu Dhabi Securities Exchange (ADX) welcomes the listing of NMDC Energy of NMDC Group

Press release

Published September 11th, 2024 - 11:59 GMT

ADX announces the listing of NMDC Energy following NMDC Group's offering of 1.15 billion shares at Dh2.8 per share.

Abu Dhabi, United Arab Emirates, Sep 11, 2024: The Abu Dhabi Securities Exchange (ADX), one of the fastest-growing exchanges in the world, announced today the listing of NMDC Energy, a key subsidiary of the NMDC Group - a leader in engineering, procurement, construction, and marine dredging.

NMDC Energy, a provider of comprehensive energy solutions, joins ADX following a successful initial public offering (IPO) that attracted strong investor interest. The IPO was oversubscribed [31.3] times, underscoring strong investor confidence in the company’s growth trajectory and reinforcing ADX's position as a preferred exchange for companies pursing strategic growth opportunities.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX, said: "We are pleased to welcome NMDC Energy to ADX, furthering our vision of a dynamic and diversified capital market. With its expertise in the energy sector and innovative track record, NMDC Energy strengthens our market and offers investors access to the UAE's sustainable growth. The AED 88 billion demand for this listing reflects investor trust in ADX and underscores our role in portfolio diversification for our investors and issuer growth. As ADX's sixth offering this year, it reinforces Abu Dhabi's commitment to economic diversification, positioning the financial market as a key driver of sustainable development."

Ahmed Al Dhaheri, CEO of NMDC Energy, said: “Today marks a key milestone, not just for NMDC, but also for Abu Dhabi’s energy sector. Following a highly successful IPO, we are proud to list NMDC Energy on ADX and embark on an exciting new path forward. We are grateful to the ADX team for their invaluable support throughout the IPO process.”

NMDC Energy's successful listing on ADX marks a milestone in the exchange's strategy to expand its market offerings and drive sustainable economic growth in the UAE. With a strong track record in the energy sector and a commitment to innovation, NMDC Energy is a valuable addition to ADX's diverse portfolio of listed companies.

Background Information

Abu Dhabi Securities Exchange

Abu Dhabi Securities Exchange (ADX) was established on 15th of November 2000 by Local Law No. (3) of 2000, the provisions of which vests the Market with a legal entity of autonomous status, independent finance and management, and gives ADX the necessary supervisory and executive powers to exercise its functions.

Moreover, ADX has the authority to establish centers and branches outside the Emirate of Abu Dhabi, and so far it has done so in Al Ain, Zayed City, Fujairah, Ras Al Khaimah and Sharjah.

ADX's board of directors is comprised of seven members nominated by Amiri Decree. The members of the board hold office for a term of three years. The first board of directors was constituted by Amiri Decree No. (8) of 2000.