The world’s largest seaborne urea and ammonia exporter, Fertiglobe, has successfully listed on the Abu Dhabi Securities Exchange (ADX). It has become the first free zone company traded on an onshore bourse in the UAE and the third-largest-ever listing on the ADX.
Fertiglobe is a 58-42-percent partnership between OCI N.V., a leading global nitrogen and methanol product producer and distributor founded by Egyptian billionaire Nassef Sawiris, and the Abu Dhabi National Oil Company (ADNOC).
The company operates as the world’s largest urea and ammonia seaborne exporter and the largest nitrogen fertilizer producer in the Middle East and North Africa, with a production capacity of 6.7 million tonnes of urea and merchant ammonia through four subsidiaries in the UAE, Egypt and Algeria.
A press release issued on the exchange this morning, Oct. 27, revealed that the Abu Dhabi-based company raised more than $795 million through its IPO, as it experienced strong demand from investors, with orders amounting to over $17.4 billion and oversubscription in excess of 22 times in aggregate.
At the time of the listing, Fertiglobe’s shares began trading at AED 2.55, implying a market capitalization of $5.8 billion for the leading fertilizer producer.
As of press time, Oct. 27, shares in the company were trading at AED3.04. The surge in the share price led to its market capitalization to soar above the $6.8-billion valuation mark.
Sawiris, the executive chairman of OCI N.V. and vice chairman of Fertiglobe, said the IPO’s success and the strong demand for Fertiglobe shares are another historic milestone for Abu Dhabi, the exchange, and the company as a leading player in the industrial sector.
“The IPO also reflects the strength of OCI and ADNOC’s strategic partnership and we are proud that Fertiglobe can ring in a new chapter for the UAE’s economy and the stock market and bolster their visibility in the global markets,” he said.
UAE Industry and Advanced Technology Minister, ADNOC Group CEO and Fertiglobe Chairman Sultan Ahmed Al Jaber said the success of the IPO underscores ADNOC’s role in supporting the growth and diversification of the UAE economy and strengthening Abu Dhabi’s capital market.