EFG Hermes concludes role as joint bookrunner on USD 2bln IPO

EFG Hermes concludes role as joint bookrunner on USD 2bln IPO

“We’re extremely proud of this transaction — as we continue to play a proactive role in enriching the Emirati market and the Middle East at large with a multitude of accretive investment prospects,” said Mohamed Fahmi, EFG Hermes’ Co-Head of Investment Banking. “Despite the macroeconomic turbulence that continues to pose a threat to global markets, the UAE still manages to hold its stance as a promising and resilient equity market. The nation’s recent IPOs, which boomed particularly in 2021, have garnered significant investor interest, solidifying the UAE’s position as a highly favourable destination for equity investors. Borouge plc’s deal comes as the latest addition to a series of megahit offerings in the region that are fueling economic growth, creating jobs, enhancing competitiveness, and broadening investment opportunities in the GCC.”

Established in 1998 as a strategic partnership between state-owned Abu Dhabi National Oil Co. (ADNOC) and Borealis AG (Austrian chemicals and fertilizers manufacturer), Borouge plc is a global petrochemicals producer specializing in value-creating plastic solutions for agriculture, infrastructure, energy, packaging, mobility, and healthcare purposes. It boasts a team of over 3,100 employees and serves a customer-base spanning over 50 countries across Asia, the Middle East and Africa.

GCC markets have witnessed a surge