ADNOC and Dutch partner to launch IPO of fertilizer company

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The Abu Dhabi National Oil Company (ADNOC) and Dutch chemical company OCI will list shares of Fertiglobe, their fertilizer company, after ADNOC’s drilling division started trading on the Abu Dhabi Securities Exchange Sunday, according to official news agency WAM.

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ADNOC is offering a 13.8 percent stake of Fertiglobe on the Abu Dhabi Securities Exchange, expected to open on October 13 to citizens, residents, and international investors.

Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, and the largest nitrogen fertilizer producer in the Middle East and North Africa (MENA) region, according to WAM.

OCI owns 58 percent of Fertiglobe, while ADNOC holds 42 percent.

In June 2021, Fertiglobe joined ADNOC and Abu Dhabi’s ADQ as a partner in a new world-scale project at TA’ZIZ in Ruwais, Abu Dhabi, to produce one million tons of blue ammonium per year.

ADNOC Drilling’s oversubscribed IPO was Abu Dhabi’s largest-ever, netting $1.1 billion with a demand of $34 billion and a market capitalization at listing of around $10 billion.

Shares surged by more than 30 percent to $0.83 (AED3.05) when trading began Sunday.

The listings by Abu Dhabi’s oil company come after Saudi Arabia’s ARAMCO listed in 2019 in the largest-ever IPO.

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