The share of Fertiglobe for Fertilizers, at the close of its first session in the Abu Dhabi Stock Exchange, today, Wednesday, increased by 17.6%, to reach 3 dirhams per share, compared to the offering price of 2.55 dirhams per share.
Fertiglobe, a subsidiary of ADNOC and OCI, which specializes in the fertilizer industry, officially announced the listing of its shares on the Abu Dhabi Securities Exchange, becoming the first company operating under the free zone system to be listed in the capital markets in the UAE.
The company’s shares issued the trading value of the Abu Dhabi Securities Exchange today, executing trades worth 616.91 million dirhams through 203.67 million shares, bringing the market’s liquidity to 2.08 billion dirhams.
At the conclusion of today’s session, the company’s market value rose to 24,903 billion dirhams, rising by about 3.74 billion dirhams, compared to a value of 21.16 billion dirhams, the value of the company on the basis of the public offering.
The IPO of Fertiglobe, which is considered the third largest in the history of the Abu Dhabi Securities Exchange, witnessed a great turnout, especially from the segment of investors in the UAE and international investment institutions eligible for the subscription.
The listing of Fertiglobe is the second listing by ADNOC of its subsidiaries during 2021, after a deal worth $1.1 billion for ADNOC Drilling.
The offering, upon final settlement on the Abu Dhabi Securities Exchange, collected total revenues of 2.9 billion dirhams ($795 million), and the total demand amounted to more than 64 billion dirhams ($17.4 billion), 22 times the total target value, and 32 times the institutional investors segment. Eligible, not counting major strategic investors.
Fertiglobe is the world’s largest marine exporter of urea and ammonia, the largest producer of nitrogen fertilizers in the Middle East and North Africa region by production capacity, and one of the leading companies in clean ammonia.
Fertiglobe expects to pay a dividend of at least 735 million dirhams (US$200 million) in April 2022, for the second half of 2021, and a dividend of at least 1.468 billion dirhams (US$400 million) for the 2022 fiscal year.
The final price for the offering was set on October 20, 2021 at 2.55 dirhams per share in the middle of the price range; With the aim of encouraging and providing an attractive investment opportunity for new investors.