ADNOC, Borealis plan to list 10% shares of Borouge on ADX

ADNOC, Borealis plan to list 10% shares of Borouge on ADX

UAE - Mubasher: Borouge, a petrochemicals joint venture between Abu Dhabi National Oil Company (ADNOC) and Austria-based Borealis, plans to launch an initial public offering (IPO), Reuters reported.

The company seeks to list around 3 billion shares, representing 10% of its issued share capital, on the Abu Dhabi Securities Exchange (ADX).

The IPO will begin on 23 May and run to 28 May for retail investors and 30 May for institutional buyers.

The company's shares are expected to begin trading on the ADX on 3 June.

It is noteworthy to mention that in October 2021, Fertiglobe, a joint venture between ADNOC and OCI, listed its shares on the ADX to become the first free zone company to be traded on onshore in the UAE.