NMDC Energy aims to raise $875 million in UAE’s top IPO of 2024
The public offering exceeds the $515 million that Alef Education raised on the ADX in June and will give NMDC Energy a market value of $3.8 billion
A view of buildings in Abu Dhabi (Getty Images)
NMDC Energy’s IPO is shaping up to be the UAE’s biggest this year.
The Abu Dhabi subsidiary of NMDC Group, which provides construction and dredging services to the oil and gas industry, aims to raise $875 million when the subscription period for its initial share sale opens on Friday.
That tops the $515 million that Alef Education Holding raised on the ADX in June and will give NMDC Energy a market value of $3.8 billion, Bloomberg reports. The IPO will be the largest since Pure Health Holding raised $986 million in December.
NMDC Energy won a $255 million contract with ADNOC Gas last month for dredging work on its Estidama natural gas pipeline project. First Abu Dhabi Bank is the lead manager for the IPO.