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

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

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, ADNOC will continue to own a majority 54% stake in Borouge, while Borealis ME will hold 36%.

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.

Borouge has a robust financial profile, with full-year revenue of $5.5 billion in 2021 and profit for the year of $1.5 billion for its ADP business only, with a track record for very strong cash flow generation that supports its capacity to pay highly competitive future dividends. For 2022 the Company expects