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Fertiglobe commences trading on ADX

Fertiglobe commences trading on ADX
The IPO has raised more than $795 million

Abu Dhabi - Mubasher: Fertiglobe, a joint venture between ADNOC and OCI, will list its shares on the Abu Dhabi Securities Exchange (ADX) on Wednesday to become the first free zone company to be traded on onshore in the UAE.

The initial public offering (IPO) has raised more than $795 million by attracting local and international investors, with orders valued at over $17.4 billion and oversubscription in excess of 22 times in aggregate, according to a press release on Wednesday.

Fertiglobe’s shares will begin trading at AED 2.55, implying a market capitalisation for the company of $5.8 billion at the time of listing. 

The company, the world's largest seaborne exporter of urea and ammonia and MENA's largest nitrogen fertilizer producer, expects to pay a dividend of at least $200 million for the second half (H2) of 2021 and at least $400 million for fiscal year 2022.

The UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Fertiglobe Chairman, Sultan Ahmed Al Jaber, said: "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’."

Meanwhile, the CEO of ADX, Saeed Hamad Al Dhaheri, commented: "Our ADX One strategy, launched at the start of the year, aims to increase market capitalisation by creating more opportunities for investors and by delivering a seamless experience for companies looking to reach new levels of growth."

It is noteworthy to mention that on 20 October, Fertiglobe completed the bookbuilding process for its IPO on the ADX and set the final offer price at AED 2.55 per ordinary share.