Abu Dhabi Global Market (ADGM) has welcomed the successful initial public offering (IPO) of Fertiglobe, an ADGM registered public company, on the Abu Dhabi Securities Exchange (ADX).

Fertiglobe is the first free zone and ADGM company to be listed and traded on an onshore stock exchange in the UAE. Furthermore, raising over $795 million, the Fertiglobe IPO is the third largest ever listing on the ADX.

A joint venture between Abu Dhabi National Oil Company (Adnoc) and Euronext-listed OCI, Fertiglobe is the world's largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertiliser producer in the Mena region by production capacity, and an early mover in clean ammonia.

The listing marks an important milestone to further ADGM's position as Abu Dhabi and the region's leading international financial centre.

Ahmed Jasim Al Zaabi, Chairman of ADGM said: "ADGM congratulates Fertiglobe on its successful ADX listing, in turn becoming the first UAE-based free zone company to join the onshore securities market. This IPO is a tangible vote of confidence by the global investor community in ADGM and underscores our primary role as a marquee international financial centre, that acts as a catalyst to further grow and develop the local financial services industry for the benefit of Abu Dhabi and the UAE, in line with the 'UAE's Principles of the 50'.

"The IPO of Fertiglobe further cements Abu Dhabi and ADGM's growing position as a key global business hub and financial centre.  We welcome and look forward to actively support world-class companies across all sectors, to benefit from ADGM's business-friendly regulatory environment, robust Common law legal framework, world-class commercial infrastructure, and its agile and innovative platform."

Fertiglobe is part of ADGM's fast-growing community of more than 3,600 registered entities, comprising some of the world and region's leading local and international banks, financial institutions, investment firms, fund management companies, treasury centres, corporations, energy companies, technology firms, tech start-ups, corporate and professional services and more. - TradeArabia News Service