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Borouge eyes raising $2B from IPO

Borouge eyes raising $2B from IPO

Arab Finance: Borouge Plc, the strategic joint venture (JV) between ADNOC and Borealis, is expected to raise approximately $2 billion from its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), according to a press release on May 23rd.

The offer price for IPO has been set at AED 2.45 per share, implying an equity value of around $20 billion.

The JV will list nearly a 10% stake of its issued capital, representing 3 billion shares, on the ADX.

The IPO subscription period runs from May 23rd until May 28th for the UAE retail offering and until May 28th for the qualified investor offering.

Admission of shares to trading on the stock market is expected on June 3rd.

International Holding Company, Multiply Group, Alpha Dhabi Holding, ADQ, Abu Dhabi Pension Fund, Emirates Investment Authority, and the Adani Family have committed a total of $570 million for the IPO as cornerstone investors.

ADNOC and Austria’s Borealis had previously announced plans to float a 10% stake in their petrochemical JV Borouge on the ADX.

Founded in 1998, Borouge is a leading petrochemical company based in Abu Dhabi, serving customers across 50 countries in the Middle East, Asia, and Africa.

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