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Adnoc Distribution sees strong debut on Abu Dhabi bourse

Adnoc Distribution made a strong debut on the Abu Dhabi bourse after its listing on Wednesday following a successful IPO last week.

The fuel and retail arm of Abu Dhabi National Oil Company (Adnoc) was officially listed on Abu Dhabi Securities Exchange (ADX) with the stock opening at Dh2.90 compared to the final IPO price of Dh2.50, a 16 per cent increase.

However, the share price closed at Dh2.65 at the end of the trading session, up 6 per cent from the listing price.

The company’s stock is trading under the name of ADNOCDIS.

Adnoc Distribution raised Dh3.1 billion from the IPO last week after it offered 10 per cent of the company’s shares.

“We were extremely pleased with the demand for this landmark IPO. We received substantial interest from the international investment community, as well as an overwhelming response from investors in the UAE,” said Adnoc Chief Executive Officer Dr Sultan Al Jaber, who rang the opening bell to mark the listing of the company. “We now look forward to delivering the business and growth objectives of Adnoc Distribution, as well as the long term, sustainable returns and benefits to our new investors and the UAE.”

The shares of Adnoc Distribution were priced at Dh2.50 per share on December 8, giving the company a market capitalisation of approximately Dh31.3 billion at the time of listing.

The final investor allocations were approximately 90 per cent for qualified investors comprising both local and international investors and 10 per cent for individual and other investors.

Source: Gulf News

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