(Bloomberg) -- Abu Dhabi National Oil Co. and Amsterdam-based partner OCI NV plan to raise up to 3 billion dirhams ($830 million) by listing their fertilizer venture amid a boom in prices for farming feedstock and other chemicals.

The companies set a price range of 2.45 to 2.65 dirhams per share for Fertiglobe’s listing, implying a total valuation of as much as $6 billion. The offering will include about 1.15 billion shares, or 13.8% of the company.

Fertiglobe could benefit from a rebound in fertilizers sales over the past year, amid a broad commodities rally as economies recover from the coronavirus pandemic. The final offer price is expected to be announced Oct. 20 and admission to the Abu Dhabi bourse on Oct. 27.

Adnoc, which pumps almost all the oil and natural gas in the United Arab Emirates, is increasingly seeking to raise money from its assets and help the government fund efforts to diversify the economy. Since mid-2020, the energy firm has raised around $15 billion by selling leasing rights over pipelines and property to the likes of Brookfield Asset Management Inc. and Apollo Global Management Inc.

Fertiglobe’s IPO will be Adnoc’s second listing of a subsidiary this year, following the $1.1 billion deal for Adnoc Drilling, which surged on its trading debut. 

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