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ABU DHABI, 1st June, 2023 (WAM) — ADNOC today announced the commencement of trading of ADNOC Logistics and Services plc (ADNOC L&S), a mission-critical global energy maritime and logistics company, on the Abu Dhabi Securities Exchange, ADX. leader, following the completion of its landmark initial public offering (IPO).
Historic ADNOC L&S IPO attracts the highest global demand for any IPO so far in 2023, the second largest listing in the Middle East and North Africa (MENA) region this year behind ADNOC Gas IPO in March and record The new high total order book exceeds 125 billion US dollars.
With a total oversubscription of more than 163 times, the landmark offering attracted the highest level of oversubscription ever for a UAE book-booked IPO. ADNOC L&S is now trading under the symbol “ADNOCLS” and ISIN “AEE01268A239”.
ADNOC L&S’s IPO raised gross proceeds of $769 million by issuing 19% of the company’s total issued share capital, which increased from 15% to meet strong investor demand. The order book covered the entire range within minutes of opening.
Khaled Al Zaabi, ADNOC Group Chief Financial Officer, commented: “This is a truly historic moment for ADNOC, Abu Dhabi and the UAE, of which we can all be immensely proud. ADNOC’s six IPOs to date Attracted aggregate demand of more than US$385 billion, further cementing Abu Dhabi’s position as the destination of choice for global capital. ADNOC L&S’s record debut marks the next extraordinary achievement in our ongoing journey of value creation, We welcome our new investors as part of our continued growth journey.”
Captain Abdulkareem Al Masabi, Chief Executive Officer of ADNOC L&S, said: “Our talented, skilled and highly dedicated workforce has made this landmark IPO possible. Delivers critical and highly specialized services across the value chain and is ideally positioned to continue delivering secure and low-carbon-intensity energy to the world. ADNOC L&S is pursuing our key strategies, supported by medium-term capital expenditures of up to $5 billion When we build momentum, it will provide investors with exciting growth opportunities as we decarbonize our operations and deliver on our ambitious future roadmap.”
ADNOC L&S is ADNOC’s sixth group company to list since 2017, following ADNOC Distribution, ADNOC Drilling, Fertiglobe, Borouge and ADNOC Gas. Taken together, ADNOC’s IPOs generated aggregate demand of more than US$385 billion and total proceeds of more than US$8 billion, demonstrating ADNOC’s important role in expanding and deepening the UAE’s increasingly dynamic and attractive equity capital market.
The exceptionally strong international demand for the ADNOC L&S IPO has further strengthened the attractiveness of ADNOC’s assets and Abu Dhabi as a preferred investment destination for global investors.
In addition to a strong growth record and a well-defined strategy for future expansion, ADNOC L&S offers investors an attractive progressive dividend payment. The company plans to pay a fixed dividend of $195 million (equivalent to an annualized dividend of $260 million) in the second quarter and second half of 2023. Thereafter, the company expects to increase the annual dividend per share by at least 5% annually.
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