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ADNOC IPO was a tremendous success and drew a very strong response from investors, according to Rashed Al Baloushi, CEO of Abu Dhabi Securities Exchange.
In statements to Emirates News Agency (WAM), Al Baloushi said a total of 12,000 investors from 73 nationalities participated in the subscription, with final allocations hitting approximately 90 percent for qualified investors and 10 percent for individual and other investors.
"The offering was multiple times oversubscribed on the qualified investor tranche at a price of AED2.50 per share. The retail or individual investor tranche of the offering was oversubscribed by 22 times on the original retail tranche size; and owing to this exceptional level of oversubscription, it was decided to increase the retail tranche size to10 percent of the Offering, allowing retail investors to further participate in this unique opportunity."
He added that the significant interest and demand from UAE-based investors paves the way for further interest and investment in similar future transactions.
A transformative transaction for the ADX, the IPO created significant new demand for ADX NIN numbers helping facilitate the further development and growth of the ADX, he noted.
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