Borouge raises $2bn in 42 times oversubscribed Abu Dhabi IPO

Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, successfully closed its $2 billion initial public offering, the biggest share sale on the Abu Dhabi Securities Exchange that was about 42 times oversubscribed.

The company had set the price per share for its 10 per cent float at Dh2.45, implying an equity value of about $20bn. It sold about three billion shares to the public, the company said in a statement on Tuesday.

Upon settlement, the proceeds of the transactions will go to selling shareholders – Adnoc and Borealis Middle East Holding, a wholly owned subsidiary of Borealis.

Total gross demand for the IPO that also attracted India's billionaire Adani family amounted to more than $83.4bn, Borouge said.

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