ADNOC delivers fourth consecutive record-setting IPO on ADX

ADNOC delivers fourth consecutive record-setting IPO on ADX

Abu Dhabi National Oil Company (ADNOC), together with Borealis, listed their petrochemicals joint venture Borouge, on the Abu Dhabi Securities Exchange (ADX), following the completion of Abu Dhabi’s largest-ever Initial Public Offering (IPO) and the Middle East’s largest-ever petrochemicals listing. The IPO, which raised gross proceeds of more than $2bn for the offering of 10 per cent of the company’s total issued share capital, attracted total gross demand of more than $83.4b and was almost 42 times oversubscribed in aggregate. The retail offering, which attracted higher retail demand than any UAE IPO in nearly 20 years, was 74 times oversubscribed. Borouge’s shares began trading at Dhs2.45, implying a market capitalisation for the company of $20.05b at the time of listing. Borouge is the fourth company that ADNOC has brought to market since 2017 and follows the highly successful IPOs of ADNOC Distribution, ADNOC Drilling and Fertiglobe. Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, ADNOC MD and group CEO, and Borouge chairman, said, “ADNOC is delighted to have delivered today’s truly record-setting IPO of Borouge, which marks Abu Dhabi’s largest-ever market debut. With exceptional demand from local retail and institutional investors as well as the global