Abu Dhabi-headquartered petrochemicals firm Borouge said on Monday it has set the offer price for its initial public offering (IPO), which shows it could raise about $2 billion in the deal, and secured seven cornerstone investors.
The Abu Dhabi National Oil Company and Borealis’ joint venture set the IPO price at 2.45 dirhams ($0.67) a share, which implies an equity value of $20 billion.
Borouge said it secured a total commitment of about $570 million from Abu Dhabi state holding firm ADQ, the Abu Dhabi Pension Fund, the Emirates Investment Authority, India’s Adani family and entities controlled by International Holding Company , Multiply Group and Alpha Dhabi.
