The United Arab Emirates’ biggest oil company and Borealis AG are seeking to raise $2 billion from an initial public offering of their chemicals joint venture in Abu Dhabi, set to be the biggest ever listing in the emirate.
Borouge’s IPO offer price has been set at 2.45 dirhams per share, Abu Dhabi National Oil Co. said in a statement on Monday. Adnoc and Vienna-based Borealis are selling 3 billion shares in Borouge, equating to 10% of the company. That implies an equity valuation of just over $20 billion for the maker of specialty plastics for manufacturing and consumer goods.
Seven cornerstone investors have agreed to subscribe for $570 million worth of shares in the IPO. The family of Indian billionaire Gautam Adani, Asia’s richest man, has committed $75 million, Abu Dhabi wealth fund ADQ will buy shares worth $120 million and Alpha Dhabi Holding has committed $100 million.
Read more: BNN Bloomberg
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