Borouge share price surges 18% on ADX debut

Shares of Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, surged about 18 per cent as the company made its debut on the Abu Dhabi Securities Exchange on Friday.

The company, which made its debut on Friday under the ticker symbol of 'Borouge' had a market value of Dh86.87 bil­lion ($23.7bn) and was trading at Dh2.89 a share.

Borouge successfully closed its $2 billion initial public offering on Tuesday, the biggest share sale on the ADX that was about 42 times oversubscribed. The company's IPO is the largest in Abu Dhabi’s history since Adnoc Drilling’s $1.1bn offering.

The company sold about three billion shares to the public and had set the price per share for its 10 per cent float at Dh2.45 ($0.67). 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 is the fourth Adnoc subsidiary that has listed on the second-biggest Arab stock market. Adnoc retains 54 per cent ownership in the company, while Borealis controls 36 per cent.

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