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Fertiglobe completes IPO on ADX

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World Fertilizer,


Fertiglobe, the partnership between OCI and Abu Dhabi National Oil Company (ADNOC), has listed on the Abu Dhabi Securities Exchange (ADX) today, becoming the first free zone company to be traded on an onshore stock exchange in the UAE and the third largest ever listing on the ADX.

The initial public offering (IPO), which raised over US$795 million, experienced strong demand from local and international investors, with orders amounting to over US$17.4 billion and oversubscription in excess of 22 times in aggregate, and 32 times for the Qualified Investor tranche (excluding cornerstone investors). Fertiglobe’s shares will begin trading at AED2.55, implying a market capitalisation for the company of US$5.8 billion at the time of listing.

Fertiglobe is the world's largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the MENA region by production capacity, and has interests in clean ammonia. Fertiglobe expects to distribute a dividend of at least US$200 million for 2H21 and at least US$400 million for FY22.

Read the article online at: https://www.worldfertilizer.com/nitrogen/27102021/fertiglobe-completes-ipo-on-adx/

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Urea news Ammonia news