UAE plastics firm Borouge to become latest IPO in a wave of Middle East mega listings

UAE plastics firm Borouge to become latest IPO in a wave of Middle East mega listings

DUBAI, United Arab Emirates — Petrochemicals business Borouge will list on the Abu Dhabi stock exchange next month, marking the latest in a series of mega public offerings across the Middle East. Borouge, a joint venture between the Abu Dhabi National Oil Company and Austria's Borealis, will sell 3 billion shares in the initial public offering, representing a 10% stake. No price range was given. "Together with our long-standing partner Borealis, I am delighted to announce our intention to float a minority stake in Borouge," Sultan Al Jaber, the UAE's minister of industry and advanced technology and ADNOC's managing director and group CEO, said in a statement Wednesday. "Through Borouge and our recently announced 25% equity investment in Borealis, ADNOC is poised to capitalize on the significant industrial and consumer-led growth in the petrochemicals sector over the coming decades," he added. The IPO could raise as much as $2 billion when it lists on the Abu Dhabi bourse on June 3, according to reports. ADNOC is expected to own approximately 54% of Borouge's share capital after the listing, while Borealis would own approximately 36%. "Borouge has grown into one of the world's leading petrochemical companies that creates polyolefin solutions since