Shares of ADNOC-backed Fertiglobe surge on Abu Dhabi market debut

Shares of ADNOC-backed Fertiglobe surge on Abu Dhabi market debut

Fertiglobe Holdings, the fertiliser producer owned by Abu Dhabi National Oil Company (ADNOC) and chemicals maker OCI, saw its shares rise on its trading debut on the Abu Dhabi market on Wednesday. The company’s shares traded a little over 3 dirhams ($0.82) less than two hours after trading opened at the Abu Dhabi Securities Exchange (ADX). That’s up 18 percent from the 2.55 dirhams initial offer price per share, which implied a market capitalisation of $5.8 billion. Fertiglobe marked its debut on the stock exchange following an IPO that raised more than $795 million and recorded orders valued at more than $17.4 billion. The offering had attracted local and international investors, including US hedge fund investor Jeff Ubben and a Singapore sovereign wealth fund. With its entry into ADX, Fertiglobe becomes the first free zone company to be listed on an onshore stock exchange in the country. “This is an exciting moment for the nation as Fertiglobe becomes the first free zone company to be traded on an onshore stock exchange in the UAE and the third-largest ever listing on the ADX,” said Mohammed Ali Al Shorafa Al Hammadi, Chairman of ADX. “The listing provides a unique opportunity for investors