NMDC set to raise $877 million in UAE’s biggest IPO this year
The share sale was oversubscribed by 31 times after its presentation to institutional investors. NMDC Energy is expected to start trading Sept. 11
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A helicopter view of Abu Dhabi. (Photo: Getty Images)
NMDC Energy’s IPO next week is shaping up to be the UAE’s biggest this year.
The offering, expected to raise about $877 million, was oversubscribed by 31 times after its presentation to institutional investors.
The Abu Dhabi-based company, a subsidiary of National Marine Dredging Co., will use the funds to expand regionally and globally, CEO Yasser Zaghloul said in a statement.
“We are building a legacy that goes beyond profits,” he said. “It’s about sustainable growth, technological innovation and pushing the boundaries of what’s possible in the energy sector.”