November 29, 2023

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ADNOC L&S units IPO worth vary of Dh1.99-Dh2.01 as subscription opens, cornerstone buyers named

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Dubai: The AEDNOC Logistics & Providers’ IPO subscription has opened with the worth vary set at Dh1.99-Dh2.01, because the Abu Dhabi power group pushes its subsequent entity onto an ADX itemizing.

Al Seer Marine Provides & Gear Co., the Nationwide Marine Dredging Firm, Alpha Oryx (finally owned by Abu Dhabi Holding Growth Firm); and Abu Dhabi Pension Fund are available in as cornerstone buyers and have dedicated to subscribe in quantities of $70 million, $30 million, $40 million, and $40 million, respectively. Pursuant to the cornerstone funding agreements, every of the Cornerstone Buyers has dedicated to buy shares within the Skilled Investor Providing on the closing supply worth. In combination, the Cornerstone Buyers have dedicated roughly $180 million to the IPO, topic to the ultimate supply worth and based mostly on the present supply dimension, with their respective shares topic to a twelve-month lock-up association following Admission.

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