Abu Dhabi - Mubasher: Fertiglobe has completed the bookbuilding process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) and set the final offer price at AED 2.55 per ordinary share.
The offering size was confirmed at 1.145 billion ordinary shares, equivalent to 13.8% of Fertiglobe’s total issued share capital, according to a press release on Wednesday.
Upon its settlement on the ADX, the Offering will result in gross proceeds of over $795 million (AED 2.9 billion).
The IPO was 22 times oversubscribed in aggregate and 32 times for the qualified investor tranche excluding cornerstone investors for recording gross demand of more than $17.4 billion.
The offering size of the first tranche, reserved for UAE retail investors, was set at 10%, while the second tranche for local, regional, and international qualified institutional investors was set at 90%.
The listing and trading on the ADX are expected to start on 27 October 2021.
Upon listing on the ADX, OCI will indirectly continue to own a majority of Fertiglobe’s share capital, while ADNOC will indirectly hold 36.2% of the company's share capital.
