ADNOC Logistics & Services (ADNOC L&S), the maritime logistics arms of ADNOC Group, has posted $144.9 million in net profit for the first quarter of 2023, which reflects an increase of 79 percent compared with $16.2 million for the same quarter last year.
ADNOC L&S is the sixth ADNOC unit that will be listed on the Abu Dhabi Securities Market on Thursday following an Initial Public Offering that raised $796 million recently, implying a market capitalization of $4.05 billion.
In a disclosure on the Abu Dhabi Securities Exchange, the company reported a revenue of $592.2 million for the first quarter, compared to $312.95 million for the same period in 2022.
ADNOC said the IPO witnessed overwhelming demand from UAE retail investors and professional investors, amounting to $125 billion, implying an oversubscription level of 163 times in aggregate, the highest-ever oversubscription of a UAE bookbuild IPO.
ADNOC L&S is the sixth ADNOC unit to be listed after the IPOs of ADNOC Distribution, ADNOC Drilling, Fertiglobe, Borouge and ADNOC Gas. ADNOC IPOs to date have raised more than $8 billion in total, with total demand exceeding $385 billion.
The expected date of listing on ADX is 1 June 2023. Upon listing, ADNOC will continue to own a majority 81 percent stake in ADNOC L&S.