Fertiglobe joint venture of OCI-ADNOC plans IPO of 13.8% stake | Reuters
Abu Dhabi National Oil Company (ADNOC) and chemical producer OCI N.V. plan an initial public offering of 13.8% of the shares in fertiliser joint venture Fertiglobe on the Abu Dhabi Securities Exchange (ADX), the joint venture said on Tuesday.
The deal will be the first onshore listing of a free zone company in the UAE, it added.
Euronext-listed OCI, which is backed by Egyptian billionaire businessman Nassef Sawiris, is expected to retain a majority of the company, while ADNOC is seen indirectly owning 36.2% after the IPO, Fertiglobe said in a statement.
Fertiglobe was founded in 2019 after OCI and ADNOC combined their ammonia and urea assets, with OCI holding 58% and ADNOC the remaining 42%.
In April, sources told Reuters the two companies were weighing an IPO of Fertiglobe, which they said could raise at least $1 billion.
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