• Subscription period closes on Wednesday, 4 September 2024
  • Intention to list NMDC Energy (formerly NPCC) on the ADX on Wednesday, 11 September 2024

Abu Dhabi, UAE – NMDC Group – P.J.S.C. (ADX: NMDC), a leader in engineering, procurement, construction, and marine dredging, announced today 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 within hours of the first day of its subscription period.

NMDC Energy (formerly NPCC) is currently wholly owned by NMDC Group, boasting a solid track record achieved through robust revenue growth, which is backed by IHC unit Alpha Dhabi Holding. NMDC Energy has a share capital of AED 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. The subscription period will close on Wednesday, 4 September 2024. NMDC Energy intends to list its shares on the Abu Dhabi Securities Exchange (“ADX”) on Wednesday, 11 September 2024. 

Yasser Zaghloul, Group CEO of NMDC, said: “Strong early investor interest in the NMDC Energy IPO sends a clear message about confidence in both the solid fundamentals and significant growth potential of the business. This IPO will support the expansion of NMDC Energy, accelerate innovation and deliver long-term value to shareholders.”

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 of the Company at: https://nmdc-energy.com/en/ipo

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About NMDC Energy

NMDC Energy, formerly known as the National Petroleum Construction Company and a subsidiary of NMDC Group, was established in 1973. Together with its subsidiaries, NMDC Energy provides engineering, procurement, and construction services to both offshore and onshore clients in the energy industry. NMDC Energy’s main clients include industry leaders such as Abu Dhabi National Oil Company (“ADNOC”) and Saudi Arabian Oil Company (“Aramco”).

NMDC Energy has historically executed over 1,200+ projects which comprise approximately 1,360 installed structures, approximately 8,000 kilometers of laid pipelines both onshore and offshore, and approximately 2,000 kilometers of marine cables. NMDC Energy primarily operates in the UAE, Kingdom of Saudi Arabia, Kuwait, and Taiwan. It owns a 33% stake in Principia SAS, France, 100% in NPCC Engineering Private Limited, India and 80% in ANEWA Engineering Private Limited, India which provide core engineering services. It also has procurement and client interface offices in Spain, Italy, China and Malaysia.

NMDC Energy operates four (4) fabrication yards namely: Mussafah Yard, ICAD4 Yard, Modular Fabrication Yard and KSA Yard. Mussafah Yard is considered one of the largest fabrication yard in the Gulf Cooperation Council region. NMDC Energy has eighteen (18) offshore vessels comprising of heavy lift and pipelay vessels, pipelay barges, jack up barges, cable laying barges, anchor handling tugs, and transportation cargo barges.

NMDC Energy currently has a project backlog that underpins its future performance and growth prospects. As of 30 June 2024, NMDC Energy has a secured backlog of approximately AED 54 billion, reflecting its strong market position and the sustained demand for its services. This backlog encompasses a diverse portfolio of high-value onshore and offshore projects in the market it operates.

For further information contact:
Investor Relations
Email: ir@nmdc-group.com

NMDC Group MarCom
Yumna Yousry
yumna.yousry@nmdc-group.com

Weber Shandwick
Hiba Haddad
hibahaddad@webershandwick.com