Fertiglobe IPO may raise $827m

Fertiglobe IPO may raise $827m

ABU DHABI / WAM

Fertiglobe, a 58:42 partnership between OCI and Adnoc on Wednesday announced the offer price range and the opening of the subscription period for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The opening of the subscription period for the IPO commences Wednesday, October 13, and will continue until Monday, October 18 for the first tranche (offering to individual and other investors in the UAE, or the “UAE Retail Offering”), and Tuesday October 19 for the second tranche (offering to qualified institutional and other investors in a number of countries, including in the UAE, or the “Qualified Investor Offering”). The price range for the Offering has been set at AED2.45 to AED2.65 per share, implying an equity value of $5.5 billion to $6 billion. The final offer price is expected to be announced on Wednesday October 20. Admission of the shares to trading on the ADX is expected on Wednesday October 27. The selling shareholders expect to sell 1,145,582,011 Shares representing 13.8% of the company’s issued share capital, with the selling shareholders reserving the right to amend the size of the offering at any time before the end of the subscription period, subject to