Abu Dhabi’s ADNOC Logistics & Services trades 44.8 percent over IPO price in debut

Shares in Abu Dhabi’s ADNOC Logistics & Services climbed 44.8 percent above their listing price on its market debut on Thursday, after raising $769 million in an initial public offering for 19 percent of the business.

Shares traded at 2.91 dirhams as the Abu Dhabi market opened against an IPO price at the top of the indicative range at 2.01 dirhams per share.

ADNOC L&S exports crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi.

It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.

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