NMDC set to raise $877 million in UAE’s biggest IPO this year

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.”