Abu Dhabi-based petrochemicals company Borouge successfully closed its $2 billion Initial Public Offering (IPO), the largest share sale on the Abu Dhabi Securities Exchange (ADX) that was about 42 times oversubscribed.
Borouge is a joint venture between Abu Dhabi National Oil Company (Adnoc) and Austrian chemicals producer Borealis.
Total gross demand for the IPO that also attracted India’s billionaire Adani family amounted to more than $83.4bn, Borouge said.
Borouge is due to list on ADX on Friday as it announced the amendment of the guaranteed minimum allocation of shares for the first and third tranches, stipulated in the prospectus published on May 18.
The company said that the guaranteed minimum allocation, which was stipulated in the prospectus, will guarantee that each subscriber in the first and third tranches of the Borouge share will allocate at least 1,000 shares, while the minimum guaranteed allocation for the modified allocation will guarantee that each subscriber in the first and third tranches will allocate at least 2040 shares.
Following the IPO, ADNOC will continue to hold a 54 percent majority stake and Borealis will own 36 percent.