Home UAE Abu Dhabi Abu Dhabi, OCI said to pick banks for IPO of fertilizer venture The company could be valued at about $7bn including debt in the listing by Bloomberg April 27, 2021 Abu Dhabi National Oil Co. (ADNOC) and chemical producer OCI NV have hired banks for a potential listing of their fertilizer joint venture, in what could be one of the largest offerings in the United Arab Emirates in recent years, people familiar with the matter said. Morgan Stanley, Citigroup, HSBC Holdings and First Abu Dhabi Bank have been appointed as advisers for Fertiglobe’s offering in Abu Dhabi, the people said, asking not to be identified as the matter is private. The company could be valued at about $7bn including debt in the listing, which is set to take place as early as this year, the people said. OCI owns 58 per cent of Fertiglobe and the rest is held by ADNOC. No final decisions have been made and the owners could also decide to retain the assets, the people said. Representatives for ADNOC, OCI, Citigroup, Morgan Stanley, HSBC and FAB declined to comment. ADNOC and OCI merged their Middle East and North Africa crop-nutrient businesses in 2019, creating the region’s top fertilizer producer with $1.7bn in annual sales, the companies said at the time. Fertiglobe is headed by Egyptian billionaire Nassef Sawiris, who is also the main shareholder in OCI. It is the largest producer of nitrogen fertilizer in the Middle East and North Africa region, according to information on its website. The planned IPO comes at a time when Abu Dhabi’s government is seeking to deepen its financial markets. Petrostates across the Gulf are also trying diversify sources of funding by using money raised from their oil assets to invest in other industries. Aside from planning the Fertiglobe IPO, ADNOC is also considering a potential listing of its drilling business, Bloomberg reported earlier this month. Both the deals could raise more than $1bn each, people familiar said at the time. Tags ADNOC Fertiglobe Fertlizer OCI NV 0 Comments You might also like ADNOC to buy OCI stake in Fertiglobe for $3.62bn Etihad Rail: Abu Dhabi announces new passenger train service ADNOC unveils high-speed green hydrogen refuelling pilot station Insights: Abu Dhabi’s oil champion ADNOC bets on global expansion