ADX is seeing a surge of new listings this year including companies owned by oil giant ADNOC and state investor Mubadala DUBAI: Fertiglobe, a joint venture between Abu Dhabi National Oil Co. and chemical producer OCI, on Wednesday set the price range for its initial public offering, implying an equity valuation of $5.5 billion to $6 billion for the company. The company, which makes fertilizers and clean ammonia products, also said in a statement it secured Inclusive Capital Partners, Abu Dhabi Pension Fund and Singapore sovereign wealth fund GIC as cornerstone investors in the offering. The existing shareholders will sell a 13.8 percent stake in the IPO at an indicative price range of 2.45 dirhams and 2.65 dirhams per share. After the listing, OCI will own 50 percent plus one share and ADNOC 36.2 percent stake. It said the final offer price is expected to be announced on Oct. 20, and listing of the shares in Abu Dhabi is expected on Oct. 27. ADX is seeing a surge of new listings this year including companies owned by oil giant ADNOC and state investor Mubadala. Fertilobe is the second ADNOC-backed company seeking a listing on the Abu Dhabi bourse after ADNOC Drilling raised $1.1 billion in its IPO. The company said it intends to bring Jeffrey Ubben, activist hedge fund manager, to Fertiglobe board of directors post-listing. Ubben, who grew ValueAct Capital into one of the world’s most powerful activist hedge funds, also co-founded Inclusive Capital Partners. Fertiglobe also said it will increase its dividend guidance from at least $150 million to at least $200 million for the second half of 2021, and from at least $315 million to at least $400 million for financial year 2022. Citigroup, First Abu Dhabi Bank, HSBC Bank Middle East Ltd. and Morgan Stanley & Co. International plc have been appointed as joint global coordinators. EFG Hermes, Goldman Sachs International and International Securities L.L.C are acting as joint bookrunners.