(Bloomberg) -- Adnoc Logistics & Services, the maritime logistics unit of Abu Dhabi’s main energy company, soared as much as 52% on its debut after its hugely oversubscribed $769 million initial public offering.

The jump in the share price on Thursday was the third-biggest globally this year for a listing that raised more than $500 million, data compiled by Bloomberg show. Stock in Adnoc L&S opened at 2.91 dirhams, up from the offering price of 2.01 dirhams, which was the top of a marketed range. Abu Dhabi National Oil Co. sold 1.41 billion shares — or a 19% stake — in the company in the IPO, valuing it at $4.05 billion.

The offering drew overwhelming investor demand, with $125 billion in overall orders, surpassing the level seen in Saudi Aramco’s record $29.4 billion IPO which got over $119 billion in demand. Adnoc increased the size of the IPO by over a quarter on the back of the strong investor interest.

The surge “was expected looking at the pricing where the stock was providing good dividend yield as well as growth potential,” said Faisal Hasan, chief investment officer at Al Mal Capital. “The over-subscription levels were unprecedented and that set the stage of strong growth on the secondary market pricing.”

The performance of Adnoc L&S, as well as the level of demand for its IPO, show continuing appetite for listings in the Persian Gulf. Still, volumes have fallen 69% from a year ago and stand at $3.5 billion, excluding the latest listing, data compiled by Bloomberg show.

Oil surged in the wake of Russia’s invasion of Ukraine last year, but prices have since fallen amid fears that an economic slowdown could weigh on energy demand. That’s in turn hurt the Gulf’s equity markets and the MSCI GCC Countries Index has dropped almost 18% in the past year.

State-owned Adnoc raised $2.5 billion earlier this year from the listing of its gas business, a deal that was also increased in size and ended up pulling in $124 billion in orders. Investors have been drawn to the region’s IPOs by high dividend yields, which are attractive in a rising interest rate environment.

Adnoc has been selling stakes in its units since about 2017 to help fund diversification of the economy and reduce its reliance on fossil fuels. It listed chemicals firm Borouge last year and has previously sold shares in its drilling unit and fertilizer company Fertiglobe, among others. 

Citigroup Inc, First Abu Dhabi Bank PJSC, HSBC Holdings Plc and JPMorgan Chase & Co. were joint global coordinators on the Adnoc L&S IPO.

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