Abu Dhabi engineering firm NMDC announced in a statement on Abu Dhabi’s ADX on 28 August that it is carrying out an initial public offering (IPO) of 1.15bn shares of its wholly owned subsidiary NMDC Energy. The shares equate to 23% of NMDC’s issued share capital, and at an offer price of AED2.8 ($0.76) per share it is set to raise AED3.22bn ($880mn). The closing date for the offering is 4 September, with shares expected to start trading on 11 September.
NMDC Energy (formerly known as NPCC) is an active firm in the regional sector, picking up several high-profile EPC awards from Abu Dhabi’s Adnoc and Saudi Aramco in recent years. This includes a $5.5bn award to a JV of TechnipEnergies, NMDC Energy and JGC for Adnoc’s 9.6mn t/y Ruwais LNG project (MEES, 14 June); an $8.2bn contract with Saipem for Adnoc’s Hail and Ghasha sour gas development (MEES, 10 October 2023) and $2.23bn of contracts for Saudi Aramco’s Zuluf oilfield expansion (MEES, 7 January 2022). (CONTINUED - 164 WORDS)