The IPO of “Borouge Abu Dhabi” begins and “Multiply Group” as a major investor

“Borouge” stock price set at 2.45 dirhams
The IPO of “Borouge Abu Dhabi” begins and “Multiply Group” as a major investor
Abu Dhabi Securities Exchange

A statement issued today, Monday, stated that the share price in the initial public offering (IPO) of “Borouge Abu Dhabi” was set at 2.45 dirhams, which means that the value of the shares is approximately $20 billion.

Today, the subscription period for the company’s shares began by offering 10 percent of its capital, equivalent to 3 billion shares, distributed over three segments, one of which is for individuals with 10 percent of the offered shares, compared to 88 percent for professional investors, and 2 percent for employees for group companies of ADNOC, Borealis, ADP and PTE residing in the UAE.

The period specified for the first and third tranches (individuals and employees) ends on May 28, 2022, while it extends for the second tranche (professional investors) until the end of May 30, 2022.

It is expected that the shares will be fully listed and traded on the Abu Dhabi Securities Exchange on June 3, 2022.

Multiply Group


Multiply Group (ADX: Multiply or the “Group”), a technology-focused holding company based in Abu Dhabi, today announced it has agreed to purchase shares in the forthcoming IPO of Borouge for a total amount of AED 183.75 million ($50 million) as a cornerstone investor. Multiply plans to make this investment at the final offer price set by Borouge.

Samia Bouazza, CEO and Managing Director at Multiply Group, said:

“Our investment underpins our confidence in the Abu Dhabi market which has maintained strong momentum in its capital market despite the ongoing global economic uncertainty. We see this momentum continuing on the back of solid economic growth in Abu Dhabi and ADX’s growing depth, resilience and sophistication.”

“There is real and tangible demand for the many types of innovative solutions being produced using the latest technologies by Borouge across different industries such as healthcare, mobility, agriculture and infrastructure especially in developing countries where it is concentrating its next phase of expansion.

They have grown into one of the world’s largest, sustainably producing polymer manufacturers, increasing its production by 10 times since 2001, reaching $5.5 billion in revenue in 2021. We expect this growth to continue, on the back of global population growth and urbanization, especially for recyclable solutions.”

Borouge has adopted a comprehensive sustainability agenda with a strong focus on promoting a zero-waste plastics circular economy. It aims to reduce its Scope 1 emissions 25%, its energy intensity 30% and continuous flaring 100% by 2030.

According to the IPO plan, ADNOC will own 54 percent of the company, while the remaining 36 percent will go to Borealis.

Founded in the late 1990s, Borouge manufactures plastics used in everything from automobiles and food packaging to drug vials and tube systems. The company’s main factory is located in Abu Dhabi and employs more than 3,000 people and serves clients across the Middle East, Africa and Asia.