ADNOC Logistics jumps 49% after $769m Abu Dhabi IPO

ADNOC Logistics jumps 49% after $769m Abu Dhabi IPO

, the maritime logistics unit of Abu Dhabi’s main energy company, soared as much as 49 per cent on its debut after its hugely oversubscribed $769m initial public offering (IPO). Shares in Adnoc L&S opened at Dhs2.91 on Thursday, up from the offering price of Dhs2.01, which was the top of a marketed range. Abu Dhabi National Oil Company sold 1.41 billion shares — or a 19 per cent stake — in the company in the IPO, valuing it at $4.05bn. The offering drew overwhelming investor demand, with $125bn in overall orders, surpassing the level seen in Saudi Aramco’s record $29.4bn IPO which got over $119bn in demand. Adnoc increased the size of the IPO by over a quarter on the back of the strong investor interest. The performance of Adnoc L&S, as well as the level of demand for its IPO, show continuing appetite for listings in the Gulf. Still, volumes have fallen 69 per cent from a year ago and stand at $3.5bn, excluding the latest listing, data compiled by show. Oil surged in the wake of Ukrainian crisis last year, but prices have since fallen amid fears that an economic slowdown could weigh on energy demand. That’s