Borouge, a petrochemicals company, will go public on the Abu Dhabi stock exchange next month, the latest in a string of mega-IPOs in the Middle East.
In its maiden public offering, Borouge, a joint venture between Abu Dhabi National Oil Company and Austria’s Borealis, will sell 3 billion shares, representing a 10% ownership. There was no pricing range specified.
“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.
According to sources, the IPO might raise up to $2 billion when it debuts on the Abu Dhabi stock exchange on June 3. Following the IPO, ADNOC is planned to possess roughly 54 percent of Borouge’s share capital, while Borealis will own approximately 36 percent.
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