Fertiglobe announces the price range for the stock in the initial public offering

Fertiglobe, a fertilizer company affiliated with the Abu Dhabi National Oil Company (ADNOC) and OCI, announced the price range for the share in the initial public offering on the Abu Dhabi Securities Exchange and the start of the subscription period for the public offering.

A statement issued today stated that the price range for the share was set between 2.45 and 2.65 dirhams, which puts the market value of the company between 20.2 and 22 billion dirhams.

Fertiglobe raised its expectations for dividends from 550 million dirhams to at least 735 million dirhams for the second half of this year, and from 1.156 billion dirhams to at least 1.468 billion dirhams for the 2022 fiscal year, provided that dividends are paid in April 2022 for half The fiscal year ending on December 31, 2021, and the payment of the first and second half of dividends for the fiscal year ending on December 31, 2022 in the months of October 2022 and April 2023, respectively.

It is expected that the final price of the offering will be announced on Wednesday, 20 October, and the shares will start trading on the Abu Dhabi Securities Exchange on the 27th of the same month.

Today, the initial public offering period began, which will continue until Monday, October 18, 2021 for the segment of individuals and other investors in the UAE, and until Tuesday, October 19 for qualified investors from local and international investment institutions.

The public offering of Fertiglobe comes after the success of the initial public offering of ADNOC Drilling, whose shares were listed on the Abu Dhabi Securities Exchange on October 3, 2021, as the offering was covered more than 31 times and the demand for shares exceeded 127 billion dollars.

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