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Abu Dhabi's ADNOC Logistics & Services trades 44.8% over IPO price in debut

Middle East

01-06-2023 | 08:47

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Abu Dhabi's ADNOC Logistics & Services trades 44.8% over IPO price in debut

Shares in Abu Dhabi's ADNOC Logistics & Services climbed 44.8% above their listing price on its market debut on Thursday, after raising $769 million in an initial public offering for 19% of the business.

Shares traded at 2.91 dirhams as the Abu Dhabi market opened against an IPO price at the top of the indicative range at 2.01 dirhams per share.

ADNOC L&S exports crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi.

It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.

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