ADNOC and OCI’s ‘Fertiglobe’ completes landmark IPO on ADX

ADNOC and OCI’s ‘Fertiglobe’ completes landmark IPO on ADX

ABU DHABI, 27th October, 2021 (WAM) -- ADNOC and OCI backed Fertiglobe today announced that it will list on the Abu Dhabi Securities Exchange (ADX), 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 $795 million, experienced strong demand from local and international investors, with orders amounting to over $17.4 billion and oversubscription above 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 $5.8 billion at the time of listing.

Ahead of the bell ringing ceremony, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Fertiglobe Chairman, commented, "The success of Fertiglobe’s IPO, which is the first listing of a free zone company on an onshore stock exchange in the UAE, underscores ADNOC’s prominent role in supporting the growth and diversification of the UAE’s economy and strengthening Abu Dhabi’s increasingly vibrant capital market. With operations across MENA and a global customer base, Fertiglobe’s listing