ADNOC and OCI backed Fertiglobe on Wednesday announced that it will list on the Abu Dhabi Securities Exchange (ADX), becoming 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.
The initial public offering (IPO), which raised over $795 million, experienced strong demand from local and international investors, with orders amounting to over $17.4 billion and oversubscription above 22 times in aggregate, and 32 times for the Qualified Investor tranche (excluding cornerstone investors).
Fertiglobe’s shares will begin trading at AED2.55, implying a market capitalisation for the Company of $5.8 billion at the time of listing.
“The success of Fertiglobe’s IPO underscores ADNOC’s prominent role in supporting the growth and diversification of the UAE’s economy and strengthening Abu Dhabi’s increasingly vibrant capital market,” Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Fertiglobe Chairman said ahead of the bell ringing ceremony.
“With operations across MENA and a global customer base, Fertiglobe’s listing is expected to elevate Abu Dhabi and the UAE’s status as a key destination for foreign direct investment, in line with the UAE’s ‘Principles of the 50,’ Dr Al Jaber further said adding the listing will offer domestic and international investors access to growth opportunities in clean ammonia and the emerging hydrogen economy.”
Fertiglobe is the world’s largest seaborne exporter of urea and ammonia, the largest nitrogen fertiliser producer in the MENA region by production capacity, and an early mover in clean ammonia.
Fertiglobe expects to distribute a dividend of at least AED735 million ($200 million) for H2 2021 and AED1.468 billion ($400 million) for FY 2022.