New York City
Saturday, April 13, 2024
“THE CEO PUBLICATION owns both theceopublication.com and theceopublications.com websites"

Publication

Abu Dhabi Ports shares increase 15% in debut after raising $1.1 billion in the latest UAE IPO

Shares in Abu Dhabi Ports Group increased 15% per share on its debut on Tuesday, after raising 4 billion dirhams in a share sale

February 9, 2022: – Shares in Abu Dhabi Ports Group increased 15% per share on its debut on Tuesday, after raising 4 billion dirhams in a share sale, marking the first in a series of high anticipated listings for the United Arab Emirates this year.

Shares were trading at 3.68 dirhams ($1) right after 10:00 a.m. Abu Dhabi market open, up from their original offer price of 3.2 dirhams.

Abu Dhabi Ports, now be-trading on the Abu Dhabi Securities Exchange (ADX) as ADPORTS, operates ten ports in the UAE, a terminal in Guinea, and a few logistics and industrial zones. Its flagship Khalifa Port in Abu Dhabi was the first deep-water and semi-automated container port in the GCC region.

“The cash proceeds from this primary issuance will be used to fund the company’s organic and inorganic growth plans, which allows the company to accelerate its local and international expansion plans,” the company said in its investor filing.

Abu Dhabi Ports are owning by ADQ, the UAE’s third-largest sovereign wealth fund. ADQ will remain the majority shareholder with a 75.44% stake in the company. According to filings, ADQ also transferred a 22.32% stake in Aramex and a 10% stake in the National Marine Dredging Company to Abu Dhabi Port before the sale.

Reuters also reports that Abu Dhabi conglomerate IHC took a 7.4 percent stake in Abu Dhabi Port ahead to list through its subsidiary company Al Seer Marine, which bought 375 million shares worth 1.2 billion dirhams in total.

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.

Most Popular

Receive the latest news

Request for online magazine

Join Us

Advertise with us

meteroid vecrtor
Receive the latest news

Contact Us