RIYADH: Borouge’s $2 billion initial public offering has drawn $83 billion in orders from Abu Dhabi’s largest-ever share sale as it plans to list on June 3.
The firm saw strong demand from UAE retail and qualified investors, with an oversubscription level of 42 times, according to a statement.
Borouge, which is a joint venture between Abu Dhabi National Oil Co. and Austrian chemicals producer Borealis, sold almost 3 billion shares, representing 10 percent of capital.
The IPO attracted interest from big investors, including the world’s largest asset manager BlackRock Inc. and Fidelity, Bloomberg earlier reported citing unnamed sources.
Borouge, founded in the late 90s, produces plastics used in a wide range of products, from automobiles to food packaging to medicine vials and plumbing systems.
