Fertiglobe raises $795m in third-largest IPO on the ADX – The National

Fertiglobe raises $795m in third-largest IPO on the ADX – The National

Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, and the Middle East and North Africa’s largest producer of nitrogen fertilisers by production capacity, raised about $795 million in its initial public offering, following strong demand from international, regional, and local investors.

The chemicals joint venture between Abu Dhabi National Oil Company and OCI set the final price of its shares at a mid-point of Dh 2.55 to provide "an attractive investment opportunity for new shareholders", it said in a statement on Wednesday. Fertiglobe sold more than 1.145 billion shares representing 13.8 per cent of its share capital.

Total gross demand for the IPO amounted to over $17.4 billion, implying an oversubscription level of 22 times in aggregate and 32 times for the qualified investor tranche, excluding cornerstone investors.