Fertiglobe IPO price range implies equity value of up to $6 bln | Reuters
Fertiglobe, a joint venture between Abu Dhabi National Oil Co and chemical producer OCI (OCI.AS), on Wednesday set the price range for its initial public offering, implying an equity valuation for the company of $5.5 billion to $6 billion.
The maker of fertilisers and clean ammonia products also said in a statement it had secured Inclusive Capital Partners, Abu Dhabi Pension Fund and Singapore sovereign wealth fund GIC as cornerstone investors.
It said it intends to bring Jeffrey Ubben, a well-known activist hedge fund manager, on to the Fertiglobe board of directors after the listing.
Ubben, who grew ValueAct Capital into one of the world’s most powerful activist hedge funds, also co-founded Inclusive Capital Partners, a socially and environmentally conscious fund.
Existing shareholders will sell a 13.8% stake in the IPO at an indicative price range of 2.45 to 2.65 dirhams per share.
After the listing, OCI will own 50% plus one share and ADNOC will hold a 36.2% stake.
No comments:
Post a Comment