Fertiglobe Raises $830 Million in IPO

Fertiglobe Raises $830 Million in IPO

Fertiglobe Holding’s IPO is set to price at the top end of an initial range, raising as much as $830 million in what will be Abu Dhabi’s third-largest listing.

State-owned Abu Dhabi National Oil, and OCI NV may sell shares in Fertiglobe at Dhs2.65 ($0.72) each, according to terms seen by Bloomberg on Monday. The initial range was set at Dhs2.45 to Dhs2.65 and attracted enough demand to cover the books at the top end on the first day. The books will close today and final pricing is expected to be announced tomorrow (October 20).

ADNOC and OCI are offering 13.8% of Fertiglobe in the IPO that comes as the business booms, thanks in part to a natural-gas shortage hurting rivals in Europe. The firm will be valued at $6 billion.

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