At Dh460 billion, ADNOC Logistics & Shipping draws highest IPO subscription in 2023

At Dh460 billion, ADNOC Logistics & Shipping draws highest IPO subscription in 2023

Dubai: The ADNOC Logistics and Shipping Services IPO has seen the 'largest demand globally' for a stock float so far this year, with gross demand hitting over $125 billion - or Dh460 billion. This is an oversubscription level of 163 times in aggregate - the highest-ever oversubscription level for a UAE book-build IPO. The final offer price is Dh2.01 per share - at the top end of the previously announced price range of the IPO. That, analysts say, was an absolute certainty. This is the second ADNOC entity listing this year - ADNOC Gas proved to be the second biggest IPO of the year when it came up with the final numbers. The stock starts trading June 1. The float was initially supposed to be 15 per cent, but was raised to 19 per cent thereafter. The over-subscription levels, when it opened May 23, was 'in minutes', banking sources said. "This record-setting listing is the sixth company ADNOC has successfully brought to market within 5 years and marks the next remarkable achievement in our ongoing value creation program," said Khaled Al Zaabi, Group CFO of ADNOC. "ADNOC L&S is a highly attractive value proposition, underpinned by strong and long-term growth