EFG Hermes plays key role in Borouge’s $2bln ADX listing

EFG Hermes plays key role in Borouge’s $2bln ADX listing

Borouge, one of the world’s leading providers of advanced polyolefin solutions, listed 3 billion shares today (June 4) 10% of its share capital at a share price of AED 2.45, indicating a market capitalization of AED73.6 billion ($20 billion).

“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," stated Fahmi.

Established in 1998 as a strategic partnership between state-owned Abu Dhabi National Oil Company (Adnoc) and Borealis AG (Austrian chemicals and fertilizers manufacturer), Borouge 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.

"Borouge’s deal