Fertiglobe announces successful completion of IPO process

Fertiglobe announces successful completion of IPO process

Fertiglobe has announced that their initial public offering (IPO) has been completed successfully.

ABU DHABI, October 20th, 2021 – Fertiglobe plc, a subsidiary of ADNOC and OCI, stated today that the bookbuilding process for its initial public offering (IPO) was completed successfully, as well as the final offer price.

Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, as well as the Middle East and North Africa’s largest producer of nitrogen fertilisers by capacity and a pioneer in clean ammonia.

The offering’s price has been fixed at AED2.

55 per ordinary share (the Final Offer Price), which means it was set in the middle of the range by the Selling Shareholders, to provide an attractive investment opportunity for new shareholders, a company statement said on Wednesday.

By pricing at the middle range, ADNOC is again supporting the local market with another attractively priced IPO.

The company also announced that the offering size confirmed at 1,145,582,011 ordinary shares (Offer Shares), equivalent to 13.

8 percent of Fertiglobe’s total issued share capital.

The Offering will result in gross proceeds of over AED2.

9 billion, upon settlement on the Abu Dhabi Securities Exchange (ADX).

Based on the Final Offer Price, Fertiglobe’s market capitalisation upon listing is expected to be approximately AED21.

2 billion.

The Offering saw significant demand from qualified international, regional and local institutional investors and from retail investors in the UAE and the region and closed multiple times oversubscribed.

Total gross demand for the IPO amounted to over AED64 billion, implying an oversubscription level of 22 times in aggregate, and 32 times for the Qualified Investor tranche excluding cornerstone investors.

The size of the first tranche of the Offering (reserved for UAE retail investors) was set at 10 percent, and the size of the second tranche of the Offering (reserved for local, regional and international qualified institutional investors) was set at 90 percent.

Investors from the first tranche will receive an SMS confirmation of their respective allocation on 26th October 2021.

The Offering represents a new step in ADNOC and Fertiglobe achievements, and contributes to promoting the growth and expansion of local financial markets and the local economy in line with the UAE’s “The Principles of the 50”, which chart a clear path for sustainable economic growth.

Listing and start of trading on the ADX are expected to commence at 10:00 am (UAE time) on 27th October 2021, subject to customary closing conditions, under the symbol “FERTIGLOBE” and ISIN “AEF000901015”.

Upon listing on the ADX, OCI will indirectly continue to own a majority of Fertiglobe’s share capital, while ADNOC will indirectly own 36.

2 percent of Fertiglobe’s share capital.

Citigroup Global Markets Limited, First Abu Dhabi Bank PJSC, HSBC Bank Middle East Limited and Morgan Stanley & Co.

International plc acted as Joint Global Coordinators.

EFG-Hermes UAE Limited, Goldman Sachs International and International Securities L.


C acted as Joint Bookrunners.

First Abu Dhabi Bank PJSC acted as the Lead Receiving Bank and Al Maryah Community Bank LLC acted as a Receiving Bank.


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