ADNOC announced the start of trading the shares of ADNOC Logistics and Services PLC, on the Abu Dhabi Stock Exchange, after completing the historic initial public offering.
In the first minutes of the first trading session on the Abu Dhabi Financial Market, Thursday, shares of ADNOC Logistics and Services jumped by more than 50 percent, to reach 3,030 dirhams.
The historic offering of ADNOC Logistics & Services, the global company specializing in shipping and maritime logistics for the energy sector, witnessed exceptional demand, making it the highest bid for an IPO globally in 2023, and the second largest listing in the Middle East and North Africa region this year so far after the IPO. ADNOC Gas Company last March, and attracted a total demand from investors of more than 460 billion dirhams ($ 125 billion).
The offering in total exceeded the target value by 163 times, making it the highest level of exceeding the target value ever for building a price for an IPO in the UAE.
