ADNOC and Borealis aim to raise $2 billion from Borouge’s IPO

intends UAE ADNOC Company and Borealis, Inc., raised about $2 billion from an initial public offering of a 10 percent stake in their Borouge plastics joint venture, sources told Bloomberg.

Borouge is valued at about $20 billion.

According to the sources, the initial public offering may be announced as early as next month, knowing that Borealis is owned by the Austrian refiner OMV and the UAE’s Mubadala Investment Company.