ADNOC declares offer price for Borouge IPO, largest-ever listing in Abu Dhabi’s history

ADNOC declares offer price for Borouge IPO, largest-ever listing in Abu Dhabi’s history

Abu Dhabi National Oil Company (ADNOC), with its long-standing partner Borealis AG, announced the offer price for the initial public offering (IPO) of Borouge plc, their petrochemicals joint venture, on the Abu Dhabi Securities Exchange (ADX).

The Price Per Share for the Offering has been set at AED2.45, implying an equity value of AED73.6 billion ($20 billion), making the Borouge IPO the largest-ever listing to date in Abu Dhabi’s history.

The Offer Price was determined by ADNOC and Borealis (Selling Shareholders) following investor engagement that saw significant strong initial demand indications from both local and international investors ahead of the start of the subscription period today. These high-quality Cornerstone Investors have, either directly or indirectly, made a combined commitment of approximately AED2.1 billion ($570 million) to the IPO, subject to a minimum six-month lock-up period.

The Selling Shareholders believe the offer price per share provides investors with a highly attractive value proposition that reflects their long-term confidence in Borouge’s growth trajectory. This decision also reflects ADNOC’s prioritisation of a supportive aftermarket performance post-listing and robust dividend policy.

Through the Borouge IPO, ADNOC is offering investors another highly compelling investment opportunity to invest alongside ADNOC in a company that is set to play a vital role in sustainable growth for Abu Dhabi and the UAE.

Borouge will also benefit from ADNOC’s recent equity investment in Borealis, which further expands ADNOC’s long-standing partnership with Borealis while accelerating the delivery of ADNOC’s broader Downstream and Industrial growth programme. ADNOC is well-positioned to capitalise on growth opportunities in the chemicals and petrochemical sector globally, building on its world-class refining and petrochemicals facilities in Al Ruwais Industrial City, Abu Dhabi.

ADNOC has already embarked on a major expansion drive in this space, including the recently announced Borouge 4 complex and the TA’ZIZ Industrial Chemicals Zone in Ruwais.

News Source: Emirates News Agency

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