ADAMA seeks to raise $300 million from IPO

Adama Agricultural Solutions Ltd. (formerly Makhteshim-Again) has filed a preliminary draft prospectus to the US Securities and Exchange Commission (SEC) to raise $300 million in an IPO. The pesticide and insecticide manufacturer has yet to decide whether to list on the New York Stock Exchange (NYSE) or Nasdaq. The lead underwriters will be Goldman Sachs and Merrill Lynch.

 

The draft prospectus did not mention a company value but market sources believe the company has a valuation of $3.5 billion before money in mind (including taking off a $1.2 billion debt). Following the filing of the prospectus, the company is expected to embark on a road show during which it will disclose additional details such as the pricing range of shares for the IPO when it will be possible to accurately calculate the value of the company.