Borouge sets offer price for IPO on ADX

Borouge sets offer price for IPO on ADX

UAE - Mubasher: Borouge plc, a strategic joint venture between Abu Dhabi National Oil Company (ADNOC) and Borealis, has set the offer price for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) at AED 2.45 per share.

The company seeks to imply an equity value of about $20 billion by listing around 3 billion shares, representing 10% of its issued share capital, according to a press release on Monday.

The IPO subscription period is scheduled to start today and run until 28 May for the UAE retail offering and 30 May for the qualified investor offering.

International Holding Company (IHC), Multiply Group, Alpha Dhabi Holding, ADQ, Abu Dhabi Pension Fund, Emirates Investment Authority, and the Adani Family will become investors in the IPO with a combined amount of $570 million.