ADNOC Distribution’s market cap surges to AED33 bn from AED31.25 bn

ABU DHABI, The market capitalisation of the newly-listed ADNOC Distribution has surged to AED33 billion since its launch on Abu Dhabi Securities Exchange until December 20th, an increase of AED1.75 billion from its pre-listing market value of AED31.25 billion.

The market cap spike is attributed to the company’s share jumping on its first day of trading to AED2.90, before stabilising at AED2.64 at the close of the Wednesday session.

The listing of ADNOC Distribution represents a qualitative addition to the capital’s bourse in terms of diversifying investment opportunities and reinvigorating the energy market value, which, as a result, has amounted to AED 41.4 billion.

According to ADX official figures, ADNOC Distribution now makes up to 80 percent of the energy market total cap value and 6 percent of the total market value of all ADX-listed companies, put at AED453 billion at the end of yesterday’s session.

ADX already announced Wednesday that ADNOC Distribution has been added to its General Index, ADI, and to sector indices, ADEG, as of Wednesday, December 20, lifting the number of companies included in the ADI to 62.

Shares of ADNOC Distribution which has a ADNOCDIST symbol have been added to the ADX General Index, and Energy sub-index ADEG. The company number of shares is 12.5 billion while the percentage of the free float shares as per index rules is 8.9 percent, which represents 1.1 billion shares.

Free float shares will be recalculated twice a year on June 30, and December 31.

Source: Emirates News Agency