ADNOC Logistics & Services surged 58% above their listing price on its market debut on Thursday.
ADNOC L&S climbed from its listing price of AED 2.01 to close as high as AED3.130, giving it a market capitalisation at the time of listing of about $4.05 billion.
“The record-setting market debut of ADNOC L&S marks the next extraordinary achievement in our ongoing value-creation journey, and we welcome our new investors to partake in our continued growth journey,” said ADNOC’s group CFO Khaled Al Zaabi.
“This is a truly historic moment … ADNOC’s six IPOs to-date have drawn over $385 billion of total demand, further cementing Abu Dhabi’s standing as a go-to destination for global capital,” he added.
ADNOC L&S is undertaking a global expansion programme aimed at offering a broader service to its customers while supporting and enabling the growth of Adnoc’s upstream and downstream operations.
The company has the most diversified fleet in the Middle East, owning 245 vessels and managing more than 600 vessels annually. Its fleet and its 1.5 million-square-metre integrated logistics base position it as a global maritime leader.
As the sixth company that ADNOC has listed on ADX in the past five years, ADNOC L&S follows the landmark IPOs of ADNOC Distribution, ADNOC Drilling, Fertiglobe, Borouge and ADNOC Gas, and further cements ADNOC’s instrumental role as a primary catalyst for the diversification and growth of Abu Dhabi’s capital market and the UAE’s status as a go-to destination for global capital.
