Marine sector major NMDC Group said it has received approval from the Securities and Commodities Authority and the Abu Dhabi Securities Exchange (ADX) for an Initial Public Offering (IPO) of a portion of its NMDC Energy shares.
The Group is set to offer 1.15 billion shares at AED 2.8 per share.
The subscription period will open on Friday, August 30, for individual investors in the UAE and will remain open until September 4 for qualified and professional investors.
Backed by Alpha Dhabi Holding, a fast-growing investment company in the Middle East and a subsidiary of International Holding Company (IHC), NMDC Group has a strong track record of delivering major projects with innovative and cost-effective solutions.
NMDC Group gets approval from the Securities and Commodities Authority and the Abu Dhabi Securities Exchange to offer part of the shares of NMDC Energy.
— NMDC Energy (@nmdc_energy) August 28, 2024
Subscription to the UAE retail opening opens on 30 August 2024. #NMDCEnergy #IPO #Energy #AbuDhabi #ADX #UAE pic.twitter.com/9InDkgzAOc
NMDC Energy overview
NMDC Energy, a key subsidiary of NMDC Group, provides integrated solutions in the energy sector, including engineering, procurement, and construction services.
The company operates modern manufacturing facilities in Abu Dhabi, covering 1.3 million square meters.
As of June 30, 2024, NMDC Energy’s backlog was valued at approximately AED54 billion, spanning diverse sectors and regions.
The company has successfully executed over 1,200 strategic projects, including construction of more than 1,360 facilities and the installation of approximately 8,000 kilometres of onshore and offshore pipelines and 2,000 kilometres of submarine cables.
Besides a strong presence in the UAE, NMDC Energy also operates in Saudi Arabia, Kuwait, India, and Taiwan.
To further expand its capabilities, the company is developing a new 400,000-square-meter manufacturing facility at Ras Al Khair Port in Saudi Arabia.
In its recent financial results for the first half of 2024, NMDC Group reported a 79 percent increase in revenue, reaching approximately AED12.12 billion, compared to AED6.76 billion in the first half of 2023.
Net profits rose by 66 percent to approximately AED1.46 billion, up from AED881 million in the same period last year.
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