Abu Dhabi’s main energy company boosted the size of its maritime logistics unit’s initial public offering by more than a quarter to as much as $769 million, indicating appetite for Gulf listings remains healthy despite weaker market conditions.

Abu Dhabi National Oil Co. will now sell 1.41 billion shares in Adnoc Logistics & Services, or a 19% stake, up from 1.11 billion previously, according to a statement on May 22. Order books for the IPO were covered minutes after the sale opened earlier in May.

At the top of the 1.99 dirhams ($0.54) to 2.01 dirhams price range, the IPO could raise as much as $769 million. It’s set to be the second-biggest listing in the Middle East so far in 2023, after the $2.5 billion IPO of Adnoc’s gas business in March.

The subscription period for the retail and professional investor offerings remains unchanged and the final price is expected to be announced on May 25.

Proceeds from initial public offerings in the Middle East have dropped 69% from the same period a year ago and stand at $3.5 billion, according to data compiled by Bloomberg. Lower oil prices and concerns about slower economic growth globally have weighed on the market, and the MSCI GCC Countries Index has fallen almost 13% in the past year.

It’s still faring better than other regions like Europe where IPOs are struggling to recover as investors remain wary of backing new companies. Listing activity is also starting to pick up in Saudi Arabia — the Persian Gulf’s biggest market — which had until recently remained dormant.

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