ADNOC’s logistics unit looks to raise up to $607mln in IPO

ADNOC Logistics and Services announced on Tuesday that it looks to raise as much as $607 million from the IPO of a 15 percent stake as investor appetite for initial public offerings (IPO) continues unabated in the Middle East.

The maritime logistics firm is offering about 1.1 billion shares in two tranches — institutional investors and retail investors — between May 16 and May 24, with an expected trading debut on the Abu Dhabi Securities Exchange on June 1, 2023.

The primary investors, Al Seer Marine Supplies & Equipment Co PJSC, National Marine Dredging Co PJSC, Alpha Oryx Ltd., and Alpha Dhabi Pension Fund will make a joint commitment of about $180 million.