Fertiglobe, the Middle Eastern fertilizer joint venture partnership between OCI NV, Amsterdam, and Abu Dhabi’s state-energy company, ADNOC, listed on the Abu Dhabi Securities Exchange (ADX) on Oct. 27, becoming the first free zone company to be traded on an onshore stock exchange in the U.A.E. and the third-largest ever listing on the ADX.
The initial public offering (IPO) raised over $795 million (GM Oct. 22, p. 34).
Fertiglobe’s shares began trading at AED2.55, implying a market capitalization for the company of $5.8 billion at the time of listing, OCI said in an Oct. 27 statement.
Its shares jumped as high as AED3.06 on the first day of trading, giving the company a market value of $6.9 billion, U.A.E.’s The National reported.
Fertiglobe’s trading ticker is “Fertiglobe” and the International Securities Identification Numbering (Isin) code is “AEF000901015.”
It is the largest nitrogen fertilizer producer in the MENA region by production capacity, with 6.6 million mt/y of sellable volume capacity, according to OCI. It has 4.4 million mt/y of gross ammonia production capacity and 5.1 million mt/y of urea production capacity, as well as 0.5 million mt/y of DEF production capacity (DEF production capacity is not included in the 6.6 million mt/y of sellable volume capacity on account of maximum downstream capacities cannot be achieved at the same time).
As previously announced, Fertiglobe expects to distribute dividends of “at least $200 million” for the second half of FY2021, payable in April 2022, and “at least $400 million” for FY 2022 (GM Oct. 15, p. 29).
After the listing OCI is calculated to own around half of the jv company’s shares, versus the previous 58 percent stake. ADNOC now indirectly owns a 36.2 percent interest, down from its pre-listing of 42 percent.