ADNOC, OCI intend to launch IPO for Fertiglobe on ADX
- Date: 05-Oct-2021
- Source: Mubasher
- Sector:Financial Markets
- Country:UAE
ADNOC, OCI intend to launch IPO for Fertiglobe on ADX
Abu Dhabi National Oil Company (ADNOC) and chemical producer OCI have intended to offer 13.8% of shares in their joint venture Fertiglobe in the initial public offering (IPO) to list its shares for trading on the Abu Dhabi Securities Exchange (ADX). Abu Dhabi-based Fertiglobe, a 58:42 partnership between OCI and ADNOC, is expected to list its shares on the ADX in late October 2021, subject to market conditions and regulatory approvals in the UAE, according to a recent press release. Following the IPO, OCI would indirectly hold a majority of Fertiglobe’s share capital, while ADNOC would indirectly own at least 36.2% of the share capital. Open to all residents of the UAE and local and international institutional investors, the offering will be the first listing of a free zone company onshore in the UAE. The said: The commented: