Adnoc announces latest blockbuster IPO on ADX

Adnoc announces latest blockbuster IPO on ADX

Local News, News















Abu Dhabi / WAM

Abu Dhabi National Oil Company (Adnoc) together with its long-standing partner Borealis AG on Tuesday announced the successful completion of the bookbuild and public subscription process for the initial public offering (IPO) of Borouge plc, their petrochemicals joint venture, on the Abu Dhabi Securities Exchange (ADX).

The offering of 3,005,769,158 ordinary shares (offer shares), equivalent to 10% of total issued share capital, and an offer price of AED2.45 per ordinary share, results in gross proceeds of over $2 billion to Adnoc and Borealis, together the “selling shareholders”, upon settlement.

The offering was significantly oversubscribed and experienced overwhelming demand from UAE retail investors and qualified institutional investors. Total gross demand for the IPO amounted to over $83.4 billion, implying an oversubscription level of almost 42 times in aggregate.

The book was covered within less than one hour of the start of the public subscription process, with the Offering seeing the highest subscription levels by UAE retail investors in any UAE IPO in almost two decades, with total demand of over $17.9 billion. It also marked the largest demand for an Adnoc company IPO to