Fertiglobe announces successful completion of the IPO process

Fertiglobe announces successful completion of the IPO process
Fertiglobe announces successful completion of the IPO process

Fertiglobe, a subsidiary of ADNOC and OCI, has announced the successful completion of the initial public offering of its shares and the final price per share in the offering.

A company statement issued today stated that the final price of the share was set at 2.55 dirhams, i.e. in the middle of the price range in order to encourage and support the trading of the company’s shares in the market upon listing.

The size of the offering was also confirmed at 1,145,582,011/ordinary shares, representing 13.8% of the total ownership shares of Fertiglobe. Thus, the offering brings together total revenues of more than 2.9 billion dirhams upon the final settlement of the shares, with a market value of the company estimated at about 21.2 billion dirhams.

The subscription process witnessed a great turnout, especially from the segment of investors in the UAE and international investment institutions eligible for subscription, as the total demand for the shares of the public offering amounted to more than 64 billion dirhams, or 22 times the total target value, and the subscription covered more than 32 times for the segment of qualified investment institutions without counting The three major investors that were previously announced are: Abu Dhabi Pension Fund, Singapore’s GIC Sovereign Wealth Fund and Inclusive Capital Partners.

After the end of the subscription period, the size of the first tranche (allocated to individual investors in the UAE) was set at 10% of the offering size, and the second tranche (allocated to qualified local and international investment institutions) was set at 90% of the offering size. Investors of the first tranche will be notified of the allotment confirmation via text messages on October 26, 2021.

The offering represents a new step in the record of successes and achievements of ADNOC and Fertiglobe, and contributes to promoting the growth and expansion of local financial markets and the growth and development of the local economy in line with the 50 principles of the UAE, which chart a clear path for sustainable economic growth.

It is expected that the shares will be listed for trading on the Abu Dhabi Securities Exchange at 10:00 am on Wednesday 27 October 2021 in accordance with the regulations under the symbol /FERTIGLOBE/ and /AEF000901015/.

Upon completion of the listing, OCI indirectly maintains the majority stake in Fertiglobe, while ADNOC’s indirect stake is at least 36.2% of the shares.

Citigroup Global Markets Limited, First Abu Dhabi Bank PJSC, HSBC Middle East Limited and Morgan Stanley & Co. International have been appointed as the joint international coordinators for the subscription. EFG Hermes Emirates Limited, Goldman Sachs International and International Securities LLC were appointed as joint bookrunners, while First Abu Dhabi Bank PJSC was appointed as the lead receiving bank. And “Al Maryah Local Bank LLC” as the receiving bank for subscriptions.

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