ADNOC delivers latest blockbuster IPO, largest-ever Abu Dhabi listing to date

ADNOC delivers latest blockbuster IPO, largest-ever Abu Dhabi listing to date

ABU DHABI, 31st May, 2022 (WAM) -- Abu Dhabi National Oil Company (ADNOC) together with its long-standing partner Borealis AG today 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 date.

The expected date of listing on the ADX is 3rd June 2022. Upon listing,