Shearman & Sterling won the Equity Deal of the Year at the IFLR Middle East Awards 2022 for its role on the Fertiglobe IPO.
Shearman & Sterling advised Fertiglobe plc and its 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 closed in October 2022 and raised over US$795 million.
The Fertiglobe IPO was the first listing by an ADGM company on a UAE stock exchange. The IPO involved a number of unique challenges and structures as a result of the untested regulatory framework and regulatory interface between ADGM, SCA and ADX.
This pioneering IPO has paved the way for similar listings – including the Borouge IPO, which also featured on this year’s IFLR shortlist, in which Shearman & Sterling advised Borouge plc.