Fertiglobe announces successful completion of IPO process

Fertiglobe announces successful completion of IPO process

ABU DHABI, 20th October, 2021 (WAM) -- Fertiglobe plc, a subsidiary of ADNOC and OCI, today announced the successful completion of its initial public offering (IPO) bookbuilding process, and the final offer price of its initial public offering.

Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, the Middle East and North Africa’s largest producer of nitrogen fertilisers by production capacity, and an early mover in clean ammonia.

The price for the offering has been set at AED2.55 per ordinary share (the Final Offer Price), which means it was set in the middle of the range by the Selling Shareholders, to provide an attractive investment opportunity for new shareholders, a company statement said on Wednesday. By pricing at the middle range, ADNOC is again supporting the local market with another attractively priced IPO.

The company also announced that the offering size confirmed at 1,145,582,011 ordinary shares (Offer Shares), equivalent to 13.8 percent of Fertiglobe’s total issued share capital. The Offering will result in gross proceeds of over AED2.9 billion, upon settlement on the Abu Dhabi Securities Exchange (ADX).

Based on the Final Offer Price, Fertiglobe’s market capitalisation upon listing is expected to be approximately AED21.2 billion.

The Offering saw significant