NMDC Energy to raise $877m from Abu Dhabi listing

NMDC Group expects to raise AED3.22 billion ($877 million) when its wholly-owned energy subsidiary lists next month on the Abu Dhabi Securities Exchange (ADX).

The initial public offering of NMDC Energy, an engineering, procurement, and construction contractor for energy projects, will consist of 1.15 billion shares at AED2.8 per share. The shares are expected to begin trading on September 11.

The subscription period for the IPO will commence on August 30 and close on September 4.

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NMDC Energy has a share capital of AED2.5 billion divided into five billion shares at a nominal value of AED0.5 each.

The company’s total revenue in the first quarter of 2024 rose 67 percent year on year to AED5.4 billion, resulting in net profit soaring 112 percent year on year to AED641 million. Total revenues for 2023 stood at AED8 billion.

The EPC contractor has executed more than 1,200 projects and has a backlog of AED54 billion as of June 2024.

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NMDC Energy intends to expand across its existing markets through acquisitions, with plans for Africa, India and Southeast Asia.

First Abu Dhabi Bank is the lead receiving bank and lead manager for the IPO. Other receiving banks are Abu Dhabi Commercial Bank, WIO Bank and Al Maryah Community Bank.

The placement agent for the IPO and listing advisor is International Securities.