ADNOC Logistics & Services (ADNOC L&S), which listed its shares on the Abu Dhabi Securities Market on Thursday following an IPO, saw its shares open at 2.93 dirhams ($0.79). Shortly after, the stock hit AED3, up 49% versus the final offer price of AED2.01.

Abu Dhabi National Oil Co. last month sold about 1.11 billion shares, raising $796 million and valuing the company at about $4.05 billion.

(Writing by Brinda Darasha; editing by Imogen Lillywhite)