Abu Dhabi National Oil Company announces IPO price for Borouge

Abu Dhabi National Oil Company announces IPO price for Borouge

The Abu Dhabi National Oil Company (ADNOC) announced the initial public offering price for its joint venture with Austria’s Borealis today. 

The original offer price of Borouge has been set at 2.45 Emirati dirhams ($0.67) per share, ADNOC said in a statement. 

Why it matters:  ADNOC is the United Arab Emirates’ state oil company, while Borealis is a leading petrochemical firm. ADNOC announced last week its intention to float a 10% stake of the joint venture Borouge on the Abu Dhabi Securities Exchange. The UAE is seeking to further diversify its economy with the move.