The board of directors of National Marine Dredging Co. PJSC has approved the subscription to the IPO of ADNOC Logistics & Services (L&S) with a subscription amount of $30 million, the ADX-listed company said on Friday.

National Marine Dredging Co. joins Al Seer Marine Supplies & Equipment Co. PJSC, Alpha Oryx Ltd. (ultimately owned by Abu Dhabi wealth fund ADQ) and Abu Dhabi Pension Fund as cornerstone investors who have together committed about $180 million to the IPO of the ADNOC subsidiary.

ADNOC L&S is set to raise as much as 2.23 billion dirhams ($607 million) from the IPO of a 15% stake as investor appetite for public offerings continues unabated in the Middle East.

ADNOC L&S was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co, and Abu Dhabi Petroleum Ports Operating Co. The company operates a fleet of over 120 vessels and offers a wide range of maritime logistics services.

(Reporting by Brinda Darasha; editing by Seban Scaria)