Andrew_Tarbuck

Borouge completes its initial listing on Abu Dhabi Securities Exchange

Borouge, the strategic joint venture between Abu Dhabi National Oil Company (“ADNOC”) and Borealis (“Borealis”), providers of innovative and differentiated polyolefin solutions, has listed on the Abu Dhabi Securities Exchange (“ADX”) on June 3, 2022. 

Upon listing, ADNOC owns a majority 54% stake in Borouge, with Borealis holding 36% via its wholly-owned subsidiary Borealis Middle East Holding. 

The IPO, which raised gross proceeds of more than USD2 billion for the offering of 10% of the Borouge’s total issued share capital, attracted total gross demand of more than USD83.4 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 Borouge of USD20.05 billion at the time of listing. 

The advisors 

Al Tamimi & Company, led by Andrew Tarbuck (head of capital markets, pictured) acted as legal counsel for Borouge alongside Shearman and Sterling, advising on the complex IPO legal and regulatory process.

Allen & Overy has advised the underwriters on the initial public offering (IPO) and listing of Borouge. The A&O team was led by Abu Dhabi based partners Khalid Garousha (pictured left) and Nicholas Stuart (pictured right) along with US Securities partner Adam Wells, supported by a cross border team involving lawyers in the UAE, London, New York and Washington. 

Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East and Morgan Stanley & International plc acted as Joint Global Coordinators and Joint Bookrunners. 

Abu Dhabi Commercial Bank, Arqaam Capital, EFG-Hermes UAE, Goldman Sachs Bank Europe and International Securities acted as Joint Bookrunners.  

First Abu Dhabi Bank acted as the Lead Receiving Bank and Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Al Maryah Community Bank acted as Receiving Banks.  

The Internal Sharia Supervision Committees of First Abu Dhabi Bank and HSBC Bank Middle East have issued pronouncements confirming that, in their view, the IPO was compliant with Shariah principles. 

Borouge completes its initial listing on Abu Dhabi Securities Exchange

suzan.taha@lcpublishinggroup.it

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