Mideast Fertilizer Firm Fertiglobe Raises $800 Million in IPO Backed by Singapore
- Fertilizer company prices shares at mid-range of the offering
- Company’s business has been boosted by Europe’s energy crisis
Photographer: Andrey Rudakov/Bloomberg
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Abu Dhabi’s state energy company and OCI NV raised $795 million by listing their Middle Eastern fertilizer venture, drawing around $17 billion of orders from investors including a Singapore sovereign wealth fund and U.S. hedge fund manager Jeff Ubben.
Fertiglobe Holding shares were sold at 2.55 dirhams each, the middle of the price range, Abu Dhabi National Oil Co. and Amsterdam-based OCI said on Wednesday. The company will be valued at $5.8 billion and the stock will start trading in Abu Dhabi on Oct. 27.