Surge in ADNOC Logistics and Services Shares

Shares of ADNOC Logistics and Services surged by 44.8 percent above their listing price on their first day of trading on the Abu Dhabi Securities Exchange today, Thursday, after raising $769 million in an initial public offering for approximately 19 percent of its shares. The stock traded at AED 2.91 at market opening compared to an offer price of AED 2.01, which was the upper limit of the indicative price range. ADNOC Logistics and Services is responsible for the export of crude oil, refined products, dry bulk shipments, and liquefied natural gas from Abu Dhabi. The company was established in 2016 following the merger of the Abu Dhabi National Tanker Company (ADNATCO), the Petroleum Services Company (ESNAAD), and Abu Dhabi Marine Operating Company (ERSHAD).