Dubai, UAE — Abu Dhabi-based National Marine Dredging Company (NMDC) said Tuesday that it has doubled its cornerstone investment in the Initial Public Offering IPO of ADNOC Logistics & Services to $60 million.
NMDC’s decision came a day after ADNOC increased by the number of shares offered in the IPO by 4 percent on high investor demand across all tranches.
ADNOC will now offer 1.40 billion ordinary shares, equivalent to 19 percent of the Company’s total issued share capital. Previously, the company announced that it would offer 1.10 billion shares, representing 15 percent of its total issued share capital.
The offering size will be $762-769 million subject to the sale of all the shares in the IPO. The final offer price is expected to be announced on 25 May 2023.
NDMC said doubling the investment in the IPO was part of its strategy to diversify its business and investments.