NMDC Group has received approval from the Securities and Commodities Authority and the Abu Dhabi Securities Exchange (ADX) to proceed with an Initial Public Offering (IPO) of a portion of its NMDC Energy shares.
NMDC Energy, a key subsidiary of NMDC Group, provides integrated solutions in the energy sector. The company operates manufacturing facilities in Abu Dhabi, covering 1.3m sqm. The IPO presents an opportunity for investors to engage in NMDC Energy, the firm said.
The group is set to offer 1.150 billion shares (one billion one hundred and fifty million shares) at AED 2.8 per share. The subscription period will open on 30 August 2024 for individual investors in the UAE and will remain open until 4 September 2024, for qualified and professional investors.
Backed by Alpha Dhabi Holding, a subsidiary of International Holding Company (IHC), NMDC Group has a strong track record of delivering major projects with innovative and cost-effective solutions. The IPO presents an attractive opportunity for investors to engage in NMDC Energy’s promising growth trajectory, said a statement.
NMDC Energy is said to have a diverse international portfolio in the UAE, Saudi Arabia, Kuwait, India, and Taiwan. To further expands, the company is developing a 400,000sqm 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% increase in revenue, compared to the first half of 2023. Net profits rose by 66% in the same period last year. The group’s asset value also grew significantly, as per the press release.