Abu Dhabi’s Fertiglobe concludes IPO process; Raises $795mn

Abu Dhabi’s Fertiglobe concludes IPO process; Raises $795mn

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Fertiglobe, Abu Dhabi’s leading nitrogen fertilizer producer and distributor, has announced the successful completion of its initial public offering (IPO) book building process and it raised about $795 million following the strong demand from international, regional, and local investors.

A subsidiary of Abu Dhabi National Oil Company (ADNOC) and OCI, Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, the Middle East and North Africa’s (MENA) largest producer of nitrogen fertilizers by production capacity, and an early mover in clean ammonia.

The price for the offering has been set at $0.69 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, the company said in its statement. 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 was confirmed at 1,145,582,011 ordinary shares, equivalent to 13.8 percent of Fertiglobe’s total issued share capital. The Offering will result in gross proceeds of over $795 million, upon settlement on the Abu Dhabi Securities Exchange (ADX). Based on the Final Offer Price, Fertiglobe’s market capitalization