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Oil

ADNOC joint venture Fertiglobe sets mid-range IPO price, raising around $795 mln

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Fertiglobe, a joint venture between Abu Dhabi National Oil Co and chemical producer OCI, said its initial public offering was priced at 2.55 dirhams ($0.6943) a share, raising around $795 million for its shareholders.

The price is in the middle of the 2.45-2.65 dirhams per share range the company had set out and gives it a market capitalization of about $5.8 billion, Fertiglobe said in a statement on Wednesday.

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“The final offer price was set in the middle of the range by the selling shareholders, with the objective of providing an attractive investment opportunity for new shareholders,” the statement said.

The maker of fertilizers and clean ammonia products said the offering received strong demand from international, regional and local investors.

Its shares are expected to list on the Abu Dhabi stock market on October 27, the statement said.

Fertiglobe is the second ADNOC-backed company seeking a listing on the ADX after ADNOC Drilling raised $1.1 billion in its IPO.

Read more: Energy crisis wake-up call for more investment, ADNOC CEO al-Jaber says