UAE’s ADNOC Logistics surges 50 percent in share float

Shares in UAE state oil company ADNOC’s logistics unit soared 50 percent as they hit the market in a $769 million initial public offering on Thursday.

ADNOC Logistics and Services, formed in 2016, was heavily oversubscribed even after the offering was expanded from 1.1 billion to more than 1.4 billion shares, equivalent to 19 percent of the business.

The shares rose to more than 3 dirhams ($0.82) on the Abu Dhabi stock exchange, up from the launch price of 2.01 dirhams, which was towards the top of its range.

The listing comes just weeks after ADNOC floated its gas unit in a $2.5 billion IPO in March.