ADNOC L&S soars over 50% above listing price on ADX

ADNOC L&S soars over 50% above listing price on ADX

ADNOC Logistics & Services (L&S) surged close to 58 per cent above its listing price on its market debut on Thursday, the state news agency reported. ADNOC L&S climbed from its listing price of Dhs2.01 to close as high as Dhs3.13. The company aims to pay a fixed dividend amount of $195m for the second quarter and the second half of 2023 (equivalent to annualised dividends of $260m. The company expects to increase the annual dividend per share by at least 5 per cent per annum. According to a report, ADNOC Logistics & Services drew orders worth $125 bn for its in Abu Dhabi, as investors flocked to the share sale amid a dearth in deals in other regions. The IPO had an oversubscription level of 163 times in aggregate, the highest-ever oversubscription level for a UAE bookbuild IPO. Abu Dhabi National Oil Company (ADNOC) sold 1.41 billion shares — or a 19 per cent stake — in ADNOC L&S, its maritime logistics unit, at Dhs2.01 each, the top of a narrow range that started at Dhs1.99, valuing the company at $4.05bn. As the sixth company that ADNOC has listed on ADX in the past five years, ADNOC L&S follows