Sunday 19 September 2021

OCI, #AbuDhabi Said to Push Ahead With Fertilizer Unit IPO - Bloomberg

OCI, Abu Dhabi Said to Push Ahead With Fertilizer Unit IPO - Bloomberg

Chemical producer OCI NV and Abu Dhabi National Oil Co. are planning to list their Middle Eastern fertilizer venture as soon as October, people with knowledge of the matter said.

Advisers to the company, known as Fertiglobe, have been holding early meetings with potential investors and aim to announce plans for the initial public offering in the coming weeks, according to the people. Investors could be offered around a 10% to 15% stake in Fertiglobe through the IPO, the people said, asking not to be identified because the information is private.

Fertiglobe’s owners picked Morgan Stanley, Citigroup Inc., HSBC Holdings Plc and First Abu Dhabi Bank PJSC to work on the IPO, Bloomberg News reported in April. The potential share sale could value Fertiglobe at about $7 billion including debt, people with knowledge of the matter have said.

The IPO could benefit from the rebound in fertilizer prices, which have jumped in the past year as a crop rally helped farmers boost purchases of the nutrient. They’ve been further supported after Hurricane Ida struck the heart of the U.S. fertilizer industry and Storm Nicholas threatened more damage in the Gulf of Mexico.

No comments:

Post a Comment