UAE Oil Services Provider Set for Country’s Largest IPO of the Year
UAE Oil Services Provider: The sale would be bigger than Alef Education Holding Plc’s $515 million share offering, which is the biggest IPO in the country so far this year.
UAE Oil Services Provider: The NMDC Group, which mostly works with the energy business to do construction and dredging, is planning what would be the biggest IPO in the United Arab Emirates this year.
A statement from the company says that it got permission from the UAE’s stock regulator to sell 3.22 billion dirhams ($877 million) worth of shares in its NMDC Energy unit. NMDC Group said Wednesday that it would sell 1.15 billion shares of the company for 2.80 dirhams each.
The sale would be bigger than Alef Education Holding Plc’s $515 million share offering, which is the biggest IPO in the country so far this year. It will also be the biggest launch in the UAE since Pure Health Holding raised $986 million in December. The worth of NMDC Energy will reach $3.81 billion.
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NMDC was hired by Abu Dhabi National Oil Co., the largest energy company in the UAE, to work on projects this year. One of these is a $200 million dredging job for a natural gas export plant. The company put money into Adnoc’s gas and transportation units when they went public in the past.
From August 30 to September 4, people can sign up to buy something during the sale. The sale is being run by First Abu Dhabi Bank PJSC.The NMDC Group, which mostly works with the energy business to do construction and dredging, is planning what would be the biggest IPO in the United Arab Emirates this year.
A statement from the company says that it got permission from the UAE’s stock regulator to sell 3.22 billion dirhams ($877 million) worth of shares in its NMDC Energy unit. NMDC Group said Wednesday that it would sell 1.15 billion shares of the company for 2.80 dirhams each.
The sale would be bigger than Alef Education Holding Plc’s $515 million share offering, which is the biggest IPO in the country so far this year. It will also be the biggest launch in the UAE since Pure Health Holding raised $986 million in December. The worth of NMDC Energy will reach $3.81 billion.
NMDC was hired by Abu Dhabi National Oil Co., the largest energy company in the UAE, to work on projects this year. One of these is a $200 million dredging job for a natural gas export plant. The company put money into Adnoc’s gas and transportation units when they went public in the past.
From August 30 to September 4, people can sign up to buy something during the sale. The sale is being run by First Abu Dhabi Bank PJSC.
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