Emirates: Adnoc Logistics & Services, a subsidiary of Adnoc Group, shares jumped over 50 per cent to over Dh3 per share on the first day of trading on the Abu Dhabi Securities Exchange on Thursday.

The newly-listed company’s shares were the most active at the opening of the markets.

Abu Dhabi Securities Exchange’s main index was also trading higher at 9,418.11 points, up 0.123 per cent, in early trade.

The previously-listed companies’ shares on both Dubai and Abu Dhabi bourses also witnessed a major jump on the first day of listings.

Following massive demand, Adnoc Group hiked the size of the initial public offering (IPO) of the logistics subsidiary from 15 per cent to 19 per cent last month, raising $769 million.

The total number of ordinary shares sold in the IPO amounted to 1.4 billion as compared to 1.1 billion previously.

The company set a price range of Dh2.01 per share, implying a market cap of approximately $4 billion.

The company’s IPO saw massive oversubscription of 163 times to reach $125 billion.

"This offering saw the largest demand globally for an IPO this year to date and achieved the highest-ever oversubscription for a UAE bookbuild IPO," said Khaled Al Zaabi, group CFO of Adnoc.

Adnoc Logistics & Services is the sixth company of Adnoc Group that has been listed on the local market in the last five years.