Borouge share price surges more than 19% on ADX debut – The National
- Date: 03-Jun-2022
- Source: The National
- Sector:Financial Markets
- Country:UAE
Borouge share price surges more than 19% on ADX debut – The National
Shares of Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, surged more than 19 per cent as the company made its debut on the Abu Dhabi Securities Exchange on Friday.
The company, which made its debut under the ticker symbol Borouge, had a market value of Dh87.76 billion ($23.9bn) and was trading at Dh2.92 a share at about 10.46am UAE time.
Borouge successfully closed its $2 billion initial public offering on Tuesday, the biggest share sale on the ADX that was about 42 times oversubscribed. The company's IPO is the largest in Abu Dhabi since Adnoc Drilling’s $1.1bn offering.
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