Fuel retailer Adnoc Distribution shares surged on their first day of trading on the Abu Dhabi Securities Exchange (ADX), as retail investors piled into the emirate's first stock listing in over six years.
Shares in the retail arm of the Abu Dhabi National Oil Company (Adnoc) – priced last week at Dh2.5 – surged by 16 per cent in the first minute of Wednesday trading, before paring gains throughout the day to close up 6 per cent at Dh2.65.
“There was no major sell-offs on the first day indicating that those that subscribed to the IPO see it as a long-term investment,” said Khaldoun Jaradat, trading manager at Ansari Financial Services.
“There’ll likely be a bit of more buy for the investors who weren’t able to participate in the IPO on Thursday, before things settle down next week.”
Adnoc Distribution’s IPO – the first share offering in an Adnoc subsidiary – raised Dh3.1 billion, valuing the company at around Dh31.3bn. The retail portion of the offering was oversubscribed by 22 times, on the back of significant local interest.
“Transactions such as this IPO will allow Adnoc to better manage our capital and portfolio of assets, and expand our range of new and existing partnerships – from the upstream to the downstream,” said Adnoc Group chief executive Dr Sultan Al Jaber in a statement.
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Adnoc Distribution IPO registers 22 times oversubscription on back of strong demand
Adnoc Distribution IPO at Dh2.5 per share amid big interest in sale from retail investors
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“The IPO also supports the reinvigoration of the ADX, and will be a catalyst for further growth and development of the UAE capital markets.”
Arqaam Capital issued a “buy” rating for the stock, predicting it would trade at Dh2.95 per cent – 11 per cent higher than Wednesday’s close – within a year, according to Bloomberg.
Over 45 million Adnoc Distribution shares changed hands on the first day of trading, accounting for over half of total trading volume on the bourse.
“Turnover in the stock was fairly low, but it’s still encouraging that it performed the way it did against a fairly negative market backdrop in the UAE, particularly with regard to Emaar Development’s debut last month,” said Julian Bruce, head of institutional trading at the Egyptian investment bank EFG Hermes in Dubai.
Stock markets in the Arabian Gulf have underperformed their emerging market peers in 2017, amid lower oil prices and geopolitical uncertainties in the region.
Bourses in Dubai and Abu Dhabi are 2.2 per cent and 3.6 per cent lower for the year respecitvely, while MSCI's Emerging Market Index has gained 29 per cent. Kuwait's stock exchange is the region's best performer so far this year , rising 8.5 per cent.
Emaar Development, the first IPO in Dubai since 2014, saw its shares drop 4.3 per cent on its first day of trading last month. The stock closed down 2.2 per cent at Dh5.38 on Wednesday, 10.8 per cent lower than its original listing price.
Adnoc Distribution is the first new stock to be listed on the Abu Dhabi's main bourse since the debut of National Takaful Co or Watania shares in November 2011.
Nasdaq Dubai today launched a futures contract for Adnoc Distribution, together with one for Emaar Malls.
The listing of its distribution arm is part of a broader strategy by Adnoc to more proactively manage its assets and unlock greater value from across the entire business.
Adnoc Distribution currently operates 360 service stations and 235 Oasis convenience stores across the UAE except for Dubai. It plans to open its first petrol stations in Dubai and Saudi Arabia next year, the latter under a franchise model with an as yet unnamed local partner.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
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Based: Dubai and Muscat
Sector: Automobile retail
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- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
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The Energy Research Centre
Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
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The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.
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World Cup qualifier
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Engine: 3.9-litre twin-turbo V8
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Torque: 770Nm
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Bayern Munich 5 Eintrracht Frankfurt 2
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