Fertiglobe officially lists its shares in Abu Dhabi Securities Exchange
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 today, becoming the first free zone company to be listed in the UAE capital markets. .
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 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.
The Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, and Chairman of the Board of Directors of Fertiglobe, Dr. Sultan bin Ahmed Al Jaber, said before the bell ringing to mark the start of trading: “The success of the IPO of Fertiglobe shares confirms the commitment of (ADNOC) is firmly established in contributing to building a more active and better economy in the world, supporting and encouraging the private sector, developing stock markets in the country and expanding its activities, in line with the Fifty Principles document.
He added: "In line with the leadership's vision of strengthening the UAE's position as one of the most important destinations for attracting foreign direct investment, the listing of Fertiglobe is expected to contribute to progress towards this goal, and this achievement represents a new step in ADNOC's strategy to create and enhance value, from By providing more opportunities for local and global investors to take advantage of the promising growth opportunities in the field of low carbon ammonia, and the emerging hydrogen economy.”
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