Retail investors can start subscribing for UAE’s latest IPO – ADNOC Logistics & Services – from May 16

Retail investors can start subscribing for UAE’s latest IPO – ADNOC Logistics & Services – from May 16

Dubai: Retail investors can start subscribing to the ADNOC Logistics & Services IPO from May 16, running up to May 23. The ADNOC unit is to list on ADX on June 1, and will be the second from the Abu Dhabi energy giant this year after ADNOC Gas. Institutional investors can also start putting up their funds for subscription from May 16 and continue to do until May 24. On the dividend side, ADNOC L&S plans paying $195 million for the second quarter and the second-half of 2023. This is equivalent to annualized dividends of $260 million for 2023. In the payout, $65 million is for Q2-23 and should be paid in the fourth quarter of 2023. The $130 million left is for H2-23 and to be paid in the second quarter of 2024. “As the sixth company ADNOC is bringing to market, ADNOC L&S is ideally placed to drive performance, deliver value, and capitalize on both ADNOC’s ambitious growth roadmap and the growing global demand for lower-carbon, reliable energy supplies,” said Khaled Al Zaabi, Group Chief Financial Officer, ADNOC. ADNOC L&S intends to pay dividends twice a year, with the initial payment on the first-half results set for the