Adnoc sets Borouge’s IPO offer price at AED2.45

Adnoc sets Borouge’s IPO offer price at AED2.45

Abu Dhabi / WAM

Abu Dhabi National Oil Company (Adnoc), together with its long-standing partner Borealis AG, on Monday announced the offer price for the initial public offering (IPO) of Borouge plc, their petrochemicals joint venture, on the Abu Dhabi Securities Exchange (ADX).

The price per share for the offering has been set at AED2.45, implying an equity value of AED73.6 billion ($20 billion), making the Borouge IPO the largest-ever listing to date in Abu Dhabi’s history.

The offer price was determined by Adnoc and Borealis (Selling Shareholders) following investor engagement that saw significant strong initial demand indications from both local and international investors ahead of the start of the subscription period on Monday.

The Selling Shareholders and Borouge entered into cornerstone investment agreements with International Holding Company, Multiply group, Alpha Dhabi Holding, ADQ, Abu Dhabi Pension Fund, Emirates Investment Authority, and the Adani Family (the Cornerstone Investors).

These high-quality Cornerstone Investors have, either directly or indirectly, made a combined commitment of approximately AED2.1 billion ($570 million) to the IPO, subject to a minimum six month lock-up period.

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