The Abu Dhabi National Oil Company, ADNOC, and its strategic partner, Borealis, announced today that the IPO share of Borouge, the petrochemical joint venture, has been priced at AED 2.45 per share, on the Abu Dhabi Stock Exchange, making the company’s market value of AED 73.6 billion, or about $20 billion, becoming the largest ever listing on the Abu Dhabi Securities Exchange.
The subscription price was determined by ADNOC and Borealis as the selling shareholders, before the official subscription period began today.
The selling shareholders and the company have entered into major investment agreements with “International Holding Company”, “Multiplay Group”, “Alpha Holdings”, “Holding”, “Abu Dhabi Pension Fund”, “Emirates Investment Authority” and “Adani Group” of India.
In accordance with these agreements, the main investors have committed, in each case, directly or indirectly, to invest 2.1 billion UAE dirhams, equivalent to 570 million US dollars, in the public offering, provided that all shares are subject to a retention period of no less than six months.
Borouge’s annual revenue reached $5.5 billion in 2021.