2023-12-31 22:40:04
Abu Dhabi (WAM)
Local stock markets attracted a new market capitalization during the year 2023 that exceeded 267 billion dirhams, thanks to new initial offerings, in line with the markets’ plans to double their market value to the extent of six trillion dirhams during the next three years, from its levels currently amounting to more than 3.65 trillion dirhams.
The Abu Dhabi Securities Market acquired about 254.68 billion dirhams of new market capitalization, while the Dubai Financial Market’s share amounted to about 12.3 billion dirhams.
“ADNOC Gas” came in the lead, with its market value upon listing on the Abu Dhabi Securities Market reaching about 182 billion dirhams at a price of 2.37 dirhams per share, then “PureHealth” after adding about 36.2 billion dirhams at an offering price of 3.26 dirhams per share, followed by “ADNOC Logistics and Services.” PLC, with its market value upon listing reaching approximately 14.87 billion dirhams, at a final price of 2.01 dirhams per ordinary share.
The market value of “Phoenix Group” shares upon listing on the Abu Dhabi Securities Market amounted to about 9.07 billion dirhams, “Brissite AI Welding PLC” shares amounted to 7.5 billion dirhams, and “Investcorp Capital” for capital services amounted to about 5.04 billion dirhams.
On the Dubai Financial Market, the market value of Al Ansari Financial Services Group’s shares upon listing reached about 7.73 billion dirhams at an offering price of 1.03 dirhams, while the capitalization of “Dubai Taxi” upon listing amounted to about 4.6 billion dirhams and a final offering price of 1.85 dirhams per share.
The initial offerings and new listings contributed to increasing the depth of the markets, enhancing their investment attractiveness, and attracting a new segment of investors, thus consolidating the position of the financial markets in the country as one of the most important financial and business markets in the world.
The offerings witnessed a large demand from investors, sovereign funds, and global investment portfolios, with the total demand for 6 of these offerings reaching more than 1.43 trillion dirhams, which reflects the great confidence in the strong economic approach that the UAE is adopting in its major companies and institutions.
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