Adnoc and OCI NV are offering 13.8% of Fertiglobe in the Abu Dhabi IPO that comes as the business booms.
Fertiglobe Holding’s initial public offering is set to price at the high end of the initial range, increasing as much as $830 million in what will be Abu Dhabi’s third-largest listing.
State-owned Abu Dhabi National Oil Co., and OCI NV, may sell shares in Fertiglobe at AED2.65 ($0.72) each, according to terms seen by Bloomberg on Monday. The initial range was set at AED2.45 to AED2.65 and attracted enough demand to cover the books at the top end on the first day.
Adnoc and OCI are offering 13.8 percent of Fertiglobe in the IPO that comes as the business flourishes, thanks in part to a natural-gas shortage hurting rivals in Europe. The firm will be valued at $6 billion.
Fertiglobe’s listing is the latest in a string of Middle Eastern IPOs that have attracted billions in orders. Adnoc’s drilling unit surged on trading debut earlier this month, after raising ($1.1bn) in the emirate’s biggest ever listing. The listing drew orders worth $34bn.
In neighbouring Riyadh, ACWA Power International and Saudi Telecom Co.’s internet-services unit sold shares last month at the top end of their initial range.
Offer highlights:
- Fertiglobe IPO books are multiple times oversubscribed: terms
- Books to close October 19
- Final pricing expected on October 20
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
