RIYADH: Borouge’s $2 billion initial public offering has drawn interest from big investors, including the world’s largest asset manager BlackRock Inc. and Fidelity.
The UAE-based firm received bids from the two international funds for the share sale that could value it at $20 billion at listing, Bloomberg reported citing unnamed sources.
Borouge had generated orders at 17 times the amount offered as of mid-day May 25, the third day of book-building, which will run until May 30, Bloomberg’s sources noted.
Other sources told Al Arabiya that the total requests reached 21 times coverage, representing almost $40 billion, by the end of the third day on May 25.
Borouge, which is a joint venture between Abu Dhabi National Oil Co. and Austria’s chemical producer Borealis, produces plastics used in a wide range of products.
Representatives for Adnoc and BlackRock declined to comment to Bloomberg on the news.
