ADNOC, OCI intend to launch IPO for Fertiglobe on ADX

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: