ABU DHABI, June 1, 2020 / WAM / The stock of “ADNOC Logistics and Services PLC” increased its gains and its market capitalization was approximately 8.3 billion dirhams on its first day of listing on the Abu Dhabi Securities Market.

The market capitalization of “ADNOC Supply and Services” shares rose from 14.87 billion dirhams upon listing to 23.157 billion dirhams by the end of today’s session.

Shares of “ADNOC Logistics and Services” closed today’s session at AED 3.13, up 55.7% from the last offer price of AED 2.01.

Stock trading was active on the first trading day in over 203 million shares valued at over 614 million dirhams with 12,359 executed transactions.

Today, “ADNOC Logistics and Services” shares began trading on the Abu Dhabi Stock Exchange, after completing a historic initial public offering, which saw an exceptional demand, making it the world’s highest demand public subscription in 2023. Africa is the second largest listing in the Middle East and North region this year after the ADNOC Gas IPO last March.

The offering attracted aggregate demand from investors of more than 460 billion dirhams, and the total exceeded the target value by 163 times, making it the highest level of target value for creating a price for a public offering in the UAE.

The company intends to pay a dividend of 716 million dirhams ($195 million) in the second quarter and second half of 2023, equivalent to an annual dividend of $260 million. Thereafter, the company expects to increase the dividend by at least 5% annually.