Shearman & Sterling advised Fertiglobe plc and shareholder Abu Dhabi National Oil Company (ADNOC) in connection with Fertiglobe’s initial public offering and listing on the Abu Dhabi Securities Exchange (ADX).
The IPO raised over $795 million and saw significant interest, with oversubscription levels in excess of 22 times. Fertiglobe’s shares began trading at AED 2.55, implying market capitalisation of $5.8 billion at the time of listing. It is the first ever IPO of a free-zone company on ADX.
Fertiglobe was formed in 2019 as a joint venture between OCI N.V. and Abu Dhabi National Oil Company (ADNOC). Fertiglobe is the world's largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the MENA region by production capacity and an early mover in clean ammonia.
The Shearman & Sterling team below included senior associate Andrew Steele (Abu Dhabi-M&A), associates Eoin Coffey (Abu Dhabi-PDF) and Krishna Parikh (Dubai-M&A) and legal adviser (secondee) at ADNOC Group, John Loubriel.