Abu Dhabi Ports Group has raised $1.1 billion from a share sale a day before it is to list on the emirate’s stock market. The firm is owned by sovereign wealth fund ADQ.
The proceeds will be used to finance growth, allowing Abu Dhabi Ports to “accelerate local and international expansion plans,” according to a statement.
The company offered 1.25 billion shares at 3.20 dirhams ($0.87) each, people familiar with the matter said last month.
AD Ports Group’s shares are set to trade on Tuesday on the Abu Dhabi Securities Exchange under the ticker symbol ADPORTS, the company said in a statement.
ADX has seen a surge of new listings in the past year including companies owned by oil giant ADNOC, state investor Mubadala and IHC , which is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser.
ADQ, whose assets are estimated at $110 billion by sovereign fund tracker Global SWF, ranks as the UAE’s third-biggest sovereign wealth fund.