Al-Najjar, one of the three hospitals in Rafah, is no longer functioning due to the ongoing hostilities in the vicinity and the military operation in Rafah
world4 hours ago
Fertiglobe, a joint venture between the Abu Dhabi National Oil Company (Adnoc) and chemical producer OCI, on Wednesday said that it had raised $795 million (Dh2.9 billion) from the initial public offering (IPO) and set a price of Dh2.55 per share.
The world’s largest seaborne exporter of urea and ammonia combined sold 1,145,582,011 ordinary shares, which is equivalent to 13.8 per cent of its total issued share capital.
The company’s IPO witnessed strong demand from international, regional and local institutional investors as well as retail investors in the UAE and the region. Total gross demand for the IPO amounted to over $17.4 billion, oversubscribed by 22 times.
Based on the final offer price, Fertiglobe’s market capitalisation upon listing on the Abu Dhabi Securities Exchange is expected to be approximately $5.8 billion (Dh21.2 billion). The IPO of Fertiglobe was the third-largest ever on the Abu Dhabi Securities Exchange.
The company plans to list and start trading on the Abu Dhabi bourse on October 27, 2021, under the symbol “Fertiglobe”. After the IPO, OCI will continue to own a majority stake while Adnoc will own 36.2 per cent in Fertiglobe.
Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East and Morgan Stanley & Co International acted as joint global coordinators. EFG-Hermes UAE, Goldman Sachs International and International Securities acted as joint book-runners. First Abu Dhabi Bank acted as the lead receiving bank and Al Maryah Community Bank acted as a receiving bank.
waheedabbas@khaleejtimes.com
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