Clifford Chance

Clifford Chance acts as Banks' counsel on Fertiglobe's landmark US$795 million IPO and US$5.8 billion listing

Leading international law firm Clifford Chance has advised Citigroup Global Markets, First Abu Dhabi Bank PJSC, HSBC Bank Middle East Limited and Morgan Stanley & Co. International PLC (as Joint Global Coordinators) and EFG Hermes UAE Limited, Goldman Sachs International and International Securities LLC (as Joint Bookrunners) in connection with Fertiglobe's landmark IPO and listing on the Abu Dhabi Securities Exchange (ADX).

This is the first time a company incorporated in the Abu Dhabi Global Market (ADGM) has undertaken an IPO and listed its shares on the ADX. It is also the third IPO in the UAE in 2021 and the third largest on the ADX, representing an important milestone for Abu Dhabi markets and Fertiglobe. Demand from local and international institutional and retail investors resulted in the IPO being oversubscribed 22 times, attracting funds exceeding US$17.4 billion.

Headquartered in Abu Dhabi and incorporated in the ADGM, Fertiglobe was formed as a strategic partnership between OCI NV and ADNOC in September 2019. Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, the largest producer of nitrogen fertilizers by production capacity in the MENA region, and an early mover in clean ammonia.

A cross-border team advised on the transaction, jointly led by Dubai-based partner and head of the Middle East equity capital markets practice, Mike Taylor, and London-based US securities partner John Connolly, who were supported by senior associates Rezwan Azam (Dubai) and Christopher Osborne (London), and associates Massimiliano Valli (Dubai) and Rachel Sumption (London).

Mike Taylor commented: "We are delighted to have supported Fertiglobe and advise the banks on this landmark and strategically important transaction in the UAE equity capital markets space. It is a testament to Fertiglobe, the banks and both the ADGM and the ADX that the IPO has been such a success. This transaction builds on our leading Middle East equity capital markets practice, having also acted for the banks on the recent IPOs and listings of ADNOC Drilling, the largest listing on the ADX, and Mubadala-owned, Al Yah Satellite Communications Company PJSC (Yahsat), the first IPO listed in the UAE since 2017 and the first ever IPO of a Mubadala subsidiary. In addition, we recently acted as issuers' counsel advising ACWA Power on their IPO and listing on the Tadawul, the largest IPO in Saudi Arabia since Saudi Aramco's IPO in 2019."