Adnoc has completed the IPO of its Adnoc Logistics & Services (L&S) subsidiary, with the firm beginning trading on the ADX on 1 June. With a final price of AED2.01 ($0.55) per share, the listing raises approximately $769mn, making it the second-largest IPO in the Mena region so far this year.
A total of 19% of the issued share capital is now trading on the ADX, after Adnoc increased the scale of the listing from 15% initially due to high investor demand (MEES, 19 May). The IPO valued Adnoc L&S at $4.05bn at the time of admission, and with the share price rocketing to more than AED3 ($0.82) on the first day of trading, the firm’s market capitalization stood at around $6.1bn as MEES went to press. (CONTINUED - 229 WORDS)