NMDC Group’s IPO of NMDC Energy oversubscribed 14 times

NMDC Group, a leader in engineering, procurement, construction, and marine dredging, announced on Monday that the Initial Public Offering (IPO or Offering) for 1.15 billion shares (Offer Shares”) in its wholly owned subsidiary, NMDC Energy - P.J.S.C. (“NMDC Energy”) has been

 oversubscribed 14 times by day four of its subscription period following the weekend, and will close on Wednesday, 4 September 2024. NMDC Group’s shares, listed on ADX, have jumped more than 9 percent to its highest level since March today.

NMDC Energy (formerly NPCC) is currently wholly owned by NMDC Group, which boasts a solid track record achieved through robust revenue growth and is positioned for continued success backed by Alpha Dhabi Holding, a

 subsidiary of International Holding Company (IHC). NMDC Energy has a share capital of Dhs 2.5 billion divided into five billion shares with a nominal value of AED 0.5 each. 

Offer Shares are available to eligible investors at AED 2.8 per share. NMDC Energy intends to list its shares on the Abu Dhabi Securities Exchange (“ADX”) on Wednesday, 11 September 2024, marking a significant milestone in its growth journey.

The lead receiving bank and lead manager for the IPO is First Abu Dhabi Bank PJSC. Other receiving banks for the IPO are Abu Dhabi Commercial Bank PJSC, WIO Bank PJSC,

 and Al Maryah Community Bank LLC. The placement agent for the IPO and listing advisor for NMDC Energy is International Securities LLC. The prospectus prepared by NMDC Energy in relation to the initial public offering is available on the website.

Saudi Arabia’s position as a major fintech hub: Saudi Arabia’s position as a major fintech hub will take a stride forward tomorrow when the new three-day 24 Fintech summit and exhibition opens at the Riyadh Front Exhibition & Conference Centre.

Designed to be one of Asia, Europe, and North Africa’s premier annual fintech events, 24 Fintech is hosted by Saudi Arabia’s Financial Sector Development Program (FSDP), the Saudi Central Bank (SAMA),

 the Capital Market Authority (CMA), and the Insurance Authority (IA). Featuring 175 hours of expert-led content, the conference aims to rival some of the world’s best fintech gatherings. It is expected to attract over 26,000 attendees, 300 exhibitors, and 200 investors.

Co-organised by Fintech Saudi and Tahaluf, a strategic collaborative venture between Informa PLC, the Saudi Federation for Cybersecurity,

 Programming and Drones (SAFCSP), and the Events Investment Fund, 24 Fintech will unite regulators, policymakers, investors, technologists, and academics, and provide a platform for global industry stakeholders to shape, foster, and spur collaborative fintech transformation.

Commenting on the industry, H.E. Mohammed ElKuwaiz, Chairman, the Capital Market Authority said: “The Fintech sector is a crucial driver for enhancing and developing the efficiency of financial products and services, aligning with the current technological revolution and serving the Kingdom’s developmental and economic goals. 

The Saudi Capital Market Authority’s co-hosting of the ‘24 Fintech’ summit will bring together key stakeholders to foster innovation and development, and create diverse financing and investment opportunities. Our involvement reaffirms our commitment to creating a vibrant, transparent, and resilient financial ecosystem that meets the highest international standards.”