OCI and ADNOC complete Fertiglobe bookbuilding, raising over $795 million

AMSTERDAM: OCI N.V., Abu Dhabi National Oil Company (ADNOC) and Fertiglobe announced the successful completion of Fertiglobe’s IPO bookbuilding process, and the final offer price of its initial public offering (IPO).

The price for the offering has been set at AED 2.55 per ordinary share and the offering size confirmed at 1.145 billion ordinary shares, equivalent to 13.8% of Fertiglobe’s total issued share capital, with the price range having previously been set at AED 2.45 to AED 2.65 per ordinary share.

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 offering will result in gross proceeds of over $795 million (AED 2.9 billion), upon settlement on the Abu Dhabi Securities Exchange (ADX).

Based on the final offer price, Fertiglobe’s market capitalization upon listing is expected to be approximately $5.8 billion (AED 21.2 billion).

The Offering saw significant demand from qualified international, regional and local institutional investors and from retail investors in the UAE and the region and closed multiple times oversubscribed. Total gross demand for the IPO amounted to over $17.4 billion, implying an oversubscription level of 22 times in aggregate, and 32 times for the Qualified Investor tranche excluding cornerstone investors.

The size of the first tranche of the Offering (reserved for UAE retail investors) was set at 10% and the size of the second tranche of the Offering (reserved for local, regional and international qualified institutional investors) was set at 90%. Investors from the first tranche will receive an SMS confirmation of their respective allocation on 26 October 2021.

Listing and start of trading on the ADX are expected to commence at 10:00AM (UAE time) on 27 October 2021, subject to customary closing conditions, under the symbol “FERTIGLOBE” and ISIN “AEF000901015”. Upon listing on the ADX, OCI will indirectly continue to own a majority of Fertiglobe’s share capital, while ADNOC will indirectly own 36.2% of Fertiglobe’s share capital.

Citigroup Global Markets Limited, First Abu Dhabi Bank PJSC, HSBC Bank Middle East Limited and Morgan Stanley & Co. International plc acted as Joint Global Coordinators. EFG-Hermes UAE Limited, Goldman Sachs International and International Securities L.L.C acted as Joint Bookrunners. First Abu Dhabi Bank PJSC acted as the Lead Receiving Bank and Al Maryah Community Bank LLC acted as a Receiving Bank.

The Internal Sharia Supervision Committees of First Abu Dhabi Bank PJSC and HSBC Bank Middle East Limited have issued pronouncements confirming that, in their view, the Offering is compliant with Shariah principles. www.fertiglobe.com

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