(Bloomberg) -- Abu Dhabi’s state energy company and OCI NV raised $795 million by listing their Middle Eastern fertilizer venture, drawing around $17 billion of orders and attracting investors including a Singapore sovereign wealth fund and U.S. activist investor Jeff Ubben.

Fertiglobe Holding shares were sold at 2.55 dirhams each, the middle of the price range, Abu Dhabi National Oil Co. and Amsterdam-based OCI said on Wednesday. The company will be valued at $5.8 billion and the stock will start trading in Abu Dhabi on Oct. 27.

Singapore’s GIC Pte and Ubben’s Inclusive Capital Partners had committed $150 million between them before the final terms were announced. Just under 14% of Fertiglobe will be listed.

Fertiglobe’s sales have soared over the past year, with the global economic recovery from the coronavirus pandemic triggering a surge in commodity prices. Demand has been further boosted in recent weeks as European fertilizer companies cut production amid an energy crisis.

The company drew enough orders to cover the top end of its initial price range of 2.45 dirhams to 2.65 dirhams on the first day.

Citigroup Inc., First Abu Dhabi Bank PJSC, HSBC Holdings Plc and Morgan Stanley managed the listing.

It is the latest in a string of Middle Eastern deals. Adnoc’s drilling unit surged 30% on its trading debut earlier this month after a $1.1 billion IPO, the biggest-ever in the United Arab Emirates’ capital.

In neighboring Saudi Arabia, ACWA Power International got more than $300 billion of orders for its $1.2 billion IPO, while the listing of Saudi Telecom Co.’s internet-services unit was also heavily oversubscribed.

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