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23-05-22
Borouge to gain USD2B as highest public offering in Abu Dhabi
(MENAFN) Borouge, the cooperative venture among Abu Dhabi National Oil Company and Austrian chemicals producer Borealis, is going to gain USD2 billion from its original public contribution, preparing be the largest ever listing on the Abu Dhabi Securities Exchange.
On Monday, Borouge stated in an announcement that it has set the price per stock for its 10 percent soar at Dh2.45, suggesting a fairness worth of about USD20bn for the firm, which is selling around 3 billion stocks to the public.
The IPO payment span begins on Monday and remains till May 28 for UAE retail stockholders, but It is going to close on May 30 for experienced institutional investors, however, Borouge stocks are anticipated to begin exchanging on the Abu Dhabi Securities Exchange on June 3.
Borouge stated that “The selling shareholders [retain] the right to increase the size of the offering at any time before the end of the subscription period, subject to applicable laws and the approval of the UAE Securities and Commodities Authority.”
MENAFN23052022000045014228ID1104257202
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