UAE-based ADNOC, OCI to sell 13.8% of fertilizer unit in IPO

UAE-based ADNOC, OCI to sell 13.8% of fertilizer unit in IPO

State energy firm (ADNOC) and chemical producer OCI N.V. (OCI) will offer 13.8 percent of shares in their fertiliser joint venture Fertiglobe in an initial public offering (IPO). The Abu Dhabi-based Fertiglobe, a 58:42 partnership between OCI and ADNOC, will list on the Abu Dhabi Securities Market (ADX) in late October, subject to it receiving all regulatory approvals, the company said in a statement on Tuesday. The IPO is open to individuals and other investors in the UAE as part of a retail offering and to qualified institutional and other investors as part of the qualified investor offering. Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group CEO of ADNOC said: "Fertiglobe offers a unique investment opportunity to access an increasingly critical global sector, while also benefiting from emerging opportunities in the low carbon ammonia value chain and the hydrogen economy." Fertiglobe's IPO will be the third time ADNOC has sold a stake in its subsidiaries. Last month it raised $1.1 billion from an IPO where it offered 11 percent of the company’s shares. In 2017, it sold a 10 percent stake in raising $851 million. The state energy producer's strategic plan is to monetize