Borouge, the strategic joint venture between Abu Dhabi National Oil Companyand Borealis AG (“Borealis”), one of the world’s leading providers of innovative and differentiated polyolefin solutions, has listed on the Abu Dhabi Securities Exchange (“ADX”) , following the completion of Abu Dhabi’s largest-ever Initial Public Offering (“IPO”) and the Middle East’s largest-ever petrochemicals listing, said the company.
The IPO, which raised gross proceeds of more than USD2.0 billion for the offering of 10% of the Company’s total issued share capital, attracted total gross demand of more than $83.4 billion and was almost 42 times oversubscribed in aggregate. The retail offering (comprising Tranche 1 and Tranche 3), which attracted higher retail demand than any UAE IPO in nearly 20 years, was 74 times oversubscribed. Borouge’s shares were priced and sold in the IPO at AED 2.45, implying a market capitalization for the Company of USD20.05 billion at the time of listing.
Founded in 1998 as a strategic joint venture between ADNOC and Borealis, Borouge is one of the world’s leading providers of innovative and differentiated polyolefin solutions for the agriculture, infrastructure, energy, packaging, mobility and healthcare industries. With the landmark IPO offering local and international investors the opportunity to own shares in one of the world’s leading petrochemical players, Borouge expects to pay a dividend of $975 million for the fiscal year 2022; and to pay a dividend of no less than USD1.3 billion for fiscal year 2023, equivalent to a 6.5% dividend yield based on the offer share price.
As pre MRC, Abu Dhabi-headquartered petrochemicals firm Borouge said on Monday it secured seven cornerstone investors, including India's wealthy Adani family for its USD2 billion initial public offering (IPO). Borouge, a joint venture between Abu Dhabi National Oil Company (Adnoc) and Austrian chemical producer Borealis, on Monday said it secured seven cornerstone investors, including India’s wealthy Adani family for its USD2 billion initial public offering (IPO).
We remind, Borealis (Vienna), a leading producer of polyolefins, has delayed the start-up of a new, world-scale propane dehydrogenation (PDH) plant at its existing production site at Kallo, Belgium, which is the company's biggest investment in Europe, until Q3 2023, citing Covid-19. The plant in Kallo in the port of Antwerp was previously targeted to begin operations by the end of next year.
Borealis is owned by OMV AG and Mubadala Investment Co., the Abu Dhabi state investment company. Borealis is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. With headquarters in Vienna, Austria, Borealis currently employs around 6,500 and operates in over 120 countries.
mrchub.com