Fertiglobe Surges 20% in Abu Dhabi Debut After $795 Million IPO - Bloomberg
Fertiglobe Holdings, the fertilizer maker backed by U.S. hedge fund investor Jeff Ubben and a Singapore wealth fund, jumped 20% on its trading debut following a $795 million initial public offering.
The shares opened at 3.06 dirhams on Wednesday in Abu Dhabi. State-controlled Abu Dhabi National Oil Co. and OCI NV had sold just under 14% of Fertiglobe at 2.55 dirhams per share, valuing the company at $5.8 billion.
Fertiglobe’s listing is the emirate’s third largest. Singapore sovereign wealth fund GIC Pte and Ubben’s Inclusive Capital Partners committed $150 million between them to the deal.
The IPO is the latest in a series of heavily-oversubscribed listings in the United Arab Emirates and neighboring Saudi Arabia. A surge in oil prices has boosted both economies and liquidity on their equity markets.
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