{"id":556200,"date":"2021-10-14T04:06:30","date_gmt":"2021-10-14T04:06:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/subscription-period-for-sawiris-backed-fertiglobe-ipo-kicks-off\/"},"modified":"2021-10-14T04:06:30","modified_gmt":"2021-10-14T04:06:30","slug":"subscription-period-for-sawiris-backed-fertiglobe-ipo-kicks-off","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/subscription-period-for-sawiris-backed-fertiglobe-ipo-kicks-off\/","title":{"rendered":"Subscription period for Sawiris-backed Fertiglobe IPO kicks off"},"content":{"rendered":"

<\/a> Subscription period for Sawiris-backed Fertiglobe IPO kicks off:<\/strong> Nitrogen fertilizer company Fertiglobe \u2014 a joint venture between Abu Dhabi National Oil Co. and Nassef Sawiris\u2019 OCI \u2014 kicked off the subscription period for its forthcoming IPO yesterday, according to CNBC Arabia<\/a>. The company is offering a 13.8% stake (1.1 mn shares), with an indicative price range set at AED 2.45-2.65 per share, putting its initial valuation at somewhere between USD 5.5 bn to USD 6 bn. Banking sources said<\/a> that Fertiglobe aims to raise around USD 750 mn in its bourse debut, which is expected to be one of Abu Dhabi\u2019s largest ever IPOs<\/strong>. Fertiglobe first announced<\/a> plans to offer a 13.8% stake in the joint venture on the ADX earlier this month, and early estimates have valued the company around USD 7 bn.<\/p>\n

Advisors:<\/strong> Citigroup, First Abu Dhabi Bank, HSBC Bank Middle East and Morgan Stanley have been appointed as joint global coordinators. EFG Hermes UAE, Goldman Sachs and International Securities have been appointed as joint bookrunners.<\/p>\n

The US Is now the world\u2019s largest cryptocurrency mining hub<\/strong>, after Chinese authorities banned the practice in their country earlier this year due to environmental and risk concerns, data from the Cambridge Centre for Alternative Finance shows, according to the Financial Times<\/a>. China\u2019s share of the global hashrate \u2014 a term for the computing power required to mine crypto \u2014 fell from 44% to 0% between May and July, while the US\u2019 spiralled to 35% from only 17% before the ban.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10881<\/p>\n<\/td>\n

\n

+0.9% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,625<\/p>\n<\/td>\n

\n

+0.7% (YTD: +33.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

7,786<\/p>\n<\/td>\n

\n

-0.01% (YTD: +54.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,789<\/p>\n<\/td>\n

\n

+0.06% (YTD: +11.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,364<\/p>\n<\/td>\n

\n

+0.3% (YTD: 16.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,142<\/p>\n<\/td>\n

\n

+0.2% (YTD: 10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 83.34<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 5.59<\/p>\n<\/td>\n

\n

+1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,794.70<\/p>\n<\/td>\n

\n

+2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 57,558.46<\/p>\n<\/td>\n

\n

+3% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.9% yesterday<\/strong> on turnover of EGP 1.13 bn (25% below the 90-day average). Foreign investors were net sellers. The index is up 0.3% YTD.<\/p>\n

In the green: <\/strong>Fawry (+6.4%), AMOC (+5.1%) and Mopco (+2.8%).<\/p>\n

In the red: <\/strong>Aspire Capital (-9.5%), Pioneers Properties (-6.3%) and Gadwa Industrial Development (-6.3%).<\/p>\n

Asian markets are largely in the green this morning <\/strong>after shares on Wall Street snapped yesterday a three-day losing streak. Futures suggest both US and European shares should open in the green later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Subscription period for Sawiris-backed Fertiglobe IPO kicks off: Nitrogen fertilizer company Fertiglobe \u2014 a joint venture between Abu Dhabi National Oil Co. and Nassef Sawiris\u2019 OCI \u2014 kicked off the subscription period for its forthcoming IPO yesterday, according to CNBC Arabia. The company is offering a 13.8% stake (1.1 mn shares), with an indicative price […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[3331,72,1585,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556200","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-abu-dhabi-national-oil-co","tag-enterpriseam","tag-fertiglobe","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"fad8dd7d-eb12-4295-b7a2-11b518582e1a","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556175],"teaser":"","voice_url":""},"yoast_head":"\nSubscription period for Sawiris-backed Fertiglobe IPO kicks off - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/subscription-period-for-sawiris-backed-fertiglobe-ipo-kicks-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Subscription period for Sawiris-backed Fertiglobe IPO kicks off\" \/>\n<meta property=\"og:description\" content=\"Subscription period for Sawiris-backed Fertiglobe IPO kicks off: Nitrogen fertilizer company Fertiglobe \u2014 a joint venture between Abu Dhabi National Oil Co. and Nassef Sawiris\u2019 OCI \u2014 kicked off the subscription period for its forthcoming IPO yesterday, according to CNBC Arabia. 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The listing could value the company at around\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556530,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/fertiglobe-shares-jump-20-on-adx-debut\/","url_meta":{"origin":556200,"position":1},"title":"Fertiglobe shares jump 20% on ADX debut","author":"enterpriseam admin","date":"28 October 2021","format":false,"excerpt":"Fertiglobe shares jumped 20% in theirADX debut yesterday before closing 17.6%higher at AED 3.06 per share. The joint venture between the state-owned Abu Dhabi National Oil Co. (Adnoc) and Nassef Sawiris\u2019 OCI raised some USD 795 mn in last week\u2019s IPO, pricing shares at AED 2.55 apiece. The listing was\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556309,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/19\/fertiglobe-could-become-abu-dhabis-third-largest-listing-yet\/","url_meta":{"origin":556200,"position":2},"title":"Fertiglobe could become Abu Dhabi\u2019s third largest listing yet","author":"enterpriseam admin","date":"19 October 2021","format":false,"excerpt":"Fertiglobe could raise as much as USD 830 mn through its IPO on the ADX, after the company said it will price its shares at the top end of its indicative range of AED 2.45-2.65 apiece, according to terms seen by Bloomberg. This pricing would make Fertiglobe\u2019s IPO Abu Dhabi\u2019s\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561593,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/13\/what-the-markets-are-doing-on-13-april-2021\/","url_meta":{"origin":556200,"position":3},"title":"What the markets are doing on 13 April 2021","author":"enterpriseam admin","date":"13 April 2021","format":false,"excerpt":"GLOBAL M&A WATCH- Microsoft bets big on health tech: Microsoft Corporation will acquire AI speech tech company Nuance Communications for USD 19.7 bn, a transaction that will increase the tech giant\u2019s presence in the health sector. The acquisition will be Microsoft\u2019s second largest following its USD 24 bn purchase of\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":612041,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/oci-to-sell-entire-50-stake-in-fertiglobe-to-adnoc-for-usd-3-62-bn\/","url_meta":{"origin":556200,"position":4},"title":"OCI to sell entire 50% stake in Fertiglobe to Adnoc for USD 3.62 bn","author":"enterpriseam admin","date":"17 December 2023","format":false,"excerpt":"The transaction prices Fetiglobe shares at an 8% premium at AED 3.20 per share","rel":"","context":"In \"ADNOC\"","block_context":{"text":"ADNOC","link":"https:\/\/enterpriseam.com\/egypt\/tag\/adnoc\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1046.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":653397,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/16\/adnoc-completes-acquisition-of-ocis-stake-in-fertiglobe\/","url_meta":{"origin":556200,"position":5},"title":"Adnoc completes acquisition of OCI\u2019s stake in Fertiglobe","author":"enterpriseam admin","date":"16 October 2024","format":false,"excerpt":"The transaction increases Adnoc\u2019s stake in Fertiglobe to 86.2%","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/559.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556200"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556200\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556175"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556200"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556200"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}