UAE Oil Services Provider Plans Country’s Biggest IPO This Year
- NMDC Group to sell shares in energy unit in $877 million IPO
- Regulator approves offering of 1.15 billion NMDC Energy shares
This article is for subscribers only.
NMDC Group, a provider of construction and dredging services mainly to the energy industry, is planning what would be the United Arab Emirates’ biggest initial public offering this year.
The company received approval from the UAE securities regulator to sell 3.22 billion dirhams ($877 million) of shares in its in NMDC Energy unit, according to a statement. NMDC Group will offer 1.15 billion shares of the business at 2.80 dirhams a piece, it said Wednesday.