Abu Dhabi’s ADNOC Logistics & Services Trades Above IPO Price in Debut

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

Shares traded at 2.91 UAE dirhams (~79 cents) as the Abu Dhabi market opened against an IPO price at the top of the indicative range at 2.01 dirhams (~55 cents) 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.