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The Abu Dhabi-based petrochemicals company Borouge Plc has raised more than $2 billion in a 10 percent stake sale that was hugely oversubscribed.
Total gross demand for the IPO amounted to over $83.4 billion, implying an oversubscription of almost 42 times, the specialty plastics maker said in a statement on Tuesday.
The company, which is jointly owned by Abu Dhabi National Oil Company and Austria's Borealis, is expected to list on the Abu Dhabi Securities Exchange (ADX) on Friday.
Upon listing, ADNOC will continue to own a majority 54 percent stake in the company, while Borealis ME will hold a 36 percent stake.
The seven cornerstone investors who agreed to subscribe for $570 million worth of shares in IPO, including ADQ, Alpha Dhabi Holding and the Indian billionaire Adani’s family, will collectively subscribe for 28.4 percent.
The cornerstone investors are barred from selling their shares for six months following the listing on ADX, the company said.
(Reporting by Brinda Darasha; editing by Seban Scaria)
