UAE - Mubasher: Borouge has secured $2 billion in gross proceeds after completing the bookbuild and public subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
With total gross demands of over $83.4 billion, the offering was oversubscribed 42 times in aggregate by UAE retail investors and qualified institutional investors.
Following the completion of the subscription period, the size of the first tranche, reserved for UAE retail and other individual investors, was set at 10%, while the size of the second tranche for local, regional, and international qualified institutional investors was set at 88%.
Meanwhile, the size of the third tranche, reserved for employees of ADNOC Group companies, ADP, PTE, and Borealis residing in the UAE as well as UAE national retirees of these companies, was announced at 2%.
Upon settlement, Borouge’s IPO will become the largest ADX listing.
The company seeks to offer around 3 billion ordinary shares, representing 10% of total issued share capital, at an offer price of AED 2.45 per share
