Abu Dhabi-based Fertiglobe’s shares surge 20% at ADX debut trading

Abu Dhabi-based Fertiglobe’s shares surge 20% at ADX debut trading

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Abu Dhabi National Oil Company (ADNOC) and Netherlands-listed OCI backed Fertiglobe’s shares surged as much as 20 percent on its first day of trading on the Abu Dhabi Securities Exchange (ADX).

The company’s shares jumped to as high as $0.83, above their earmarked $0.69, giving Fertiglobe a market value of $6.9 billion.

Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, raised $795 million in its initial public offering and it marks the third-largest listing on the ADX. The share offering received orders in excess of $17.4 billion and was 22 times oversubscribed. The IPO’s qualified investor tranche, excluding cornerstone investors, was 32 times oversubscribed.

Dr. Sultan Ahmed Al JaberGroup CEO – ADNOCChairman – Fertiglobe

“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 is expected to elevate Abu Dhabi and the UAE’s status as a key destination for foreign direct investment, in line with the UAE’s ‘Principles of the 50’. This is another milestone in ADNOC’s