UAE: Adnoc delivers fourth consecutive record-setting IPO on ADX

UAE: Adnoc delivers fourth consecutive record-setting IPO on ADX

Shares began trading at Dh2.45, implying a market capitalisation for the company of $20.05 billion at the time of listing

By Wam Published: Fri 3 Jun 2022, 12:05 PM

Abu Dhabi National Oil Company (ADNOC), together with its long-standing partner Borealis AG, today listed their petrochemicals joint venture Borouge plc, on the Abu Dhabi Securities Exchange (ADX), following the completion of Abu Dhabi's largest-ever Initial Public Offering (IPO) and the Middle East's largest-ever petrochemicals listing.

The IPO, which raised gross proceeds of more than $2.0 billion for the offering of 10 per cent of the company's total issued share capital, attracted total gross demand of more than $83.4 billion and was almost 42 times oversubscribed in aggregate. The retail offering, which attracted higher retail demand than any UAE IPO in nearly 20 years, was 74 times oversubscribed.

Borouge's shares began trading at Dh2.45, implying a market capitalisation for the company of $20.05 billion at the time of listing.

Borouge is the fourth company that ADNOC has brought to market since 2017 and follows the highly successful IPOs of ADNOC Distribution, ADNOC Drilling and Fertiglobe.

Speaking at the opening bell-ringing ceremony, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Adnoc Managing Director and