Adnoc Unit’s $607 Million Abu Dhabi IPO Sells Out in Minutes

Adnoc L&S price range set at 1.99 dirhams to 2.01 dirhams/shr
Deal will be the second-biggest IPO in the mideast this year

The deal is the second listing of a unit by state-owned Adnoc this year, after it raised $2.5 billion in the IPO of its gas business in March. — The deal is the second listing of a unit by state-owned Adnoc this year, after it raised $2.5 billion in the IPO of its gas business in March.
Photographer: Christopher Pike/Bloomberg

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By Julia Fioretti

May 16, 2023 at 4:01 AM UTC

Updated on

May 16, 2023 at 4:50 AM UTC

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The initial public offering of Adnoc Logistics & Services got enough orders to cover all shares within minutes, showing continued strong demand for listings in the Middle East.