That is the second ADNOC entity itemizing this yr – ADNOC Fuel proved to be the second greatest IPO of the yr when it got here up with the ultimate numbers.
The inventory begins buying and selling June 1. The float was initially presupposed to be 15 per cent, however was raised to 19 per cent thereafter. The over-subscription ranges, when it opened Might 23, was ‘in minutes’, banking sources mentioned.
Whole demand throughout the tranches within the UAE retail providing amounted to greater than $31 billion (and in extra of 269 occasions oversubscribed). It continues a sample that has seen blue-chip UAE IPOs garnering heavy native investor curiosity from the get-go.
“This record-setting itemizing is the sixth firm ADNOC has efficiently dropped at market inside 5 years and marks the subsequent outstanding achievement in our ongoing worth creation program,” mentioned Khaled Al Zaabi, Group CFO of ADNOC.
“ADNOC L&S is a extremely enticing worth proposition, underpinned by robust and long-term progress credentials and a progressive dividend pay-out. Cementing our function as a crucial catalyst in attracting international capital, ADNOC welcomes its new investor base to partake in our continued progress story, as we proceed to ship sustainable progress for Abu Dhabi, the UAE, and our shareholders.”
The worth vary for the IPO was Dh1.99 to Dh2.01. Based mostly on the ultimate supply worth, the supply measurement is round Dh2.83 billion ($769 million). “This providing noticed the biggest demand globally for an IPO this year-to-date and achieved the highest-ever oversubscription for a UAE bookbuild IPO,” mentioned Al Zaabi.
All of it dovetails into an implied market cap on itemizing of round Dh14.9 billion (or $4.05 billion).
The newest ADNOC itemizing will in all probability jazz up ADX quantity numbers via June, and will assist the trade get better floor in comparison with its 2022 run.
ADNOC could have 81 per cent stake within the firm, whereas Al Seer Marine Provides & Gear Co., Nationwide Marine Dredging Firm, Alpha Oryx Ltd. (in the end owned by Abu Dhabi Growth Holding Firm), and Abu Dhabi Pension Fund are the cornerstone traders.