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لا تقدم سنشري للاستشارات والتحليل المالي ش.ذ.م.م (سنشري) خدمات استشارية استثمارية أو خدمات إدارة المحافظ ولا تضمن العوائد الاستثمارية. كما أننا لا نقبل ولا ندفع بعملة مشفرة أو عملة رقمية. موقعنا الإلكتروني الرسمي هو www.century.ae. احذر من الشركات المحتالة أو المواقع الإلكترونية التي تتظاهر بأنها شركة سنشري. لسنا مسؤولين عن أي خسائر تنجم عن استخدام مواقع إلكترونية أو كيانات مزيفة. ينطوي التداول في الأسواق المالية على مخاطر خسارة كبيرة قد تفوق الودائع وربما لا يناسب جميع المستثمرين. قبل أن تبدأ، يُرجى التأكد من فهمك التام للمخاطر ذات الصلة.

Monday, May 23, 2022

Gulf News - Abu Dhabi's biggest IPO to date - from Borouge - opens at Dh2.45/share

تم إعداد هذا المنشور من قبل فيجاي فاليتشا

Gulf News - Abu Dhabi's biggest IPO to date -...
Vijay Valecha, Special to Gulf News May 23, 2022

Dubai: Borouge is pricing its share at Dh2.45, implying a valuation of $20 billion for the Abu Dhabi petrochemicals giant. The shares open for subscription today (May 23) and runs until May 28.

Around 3 billion shares, representing 10 per cent of the issued share capital, will be offered, implying an issue size of $2 billion. On listing June 3, this will be the largest-ever IPO on ADX.

As was expected, institutional entities - International Holding Company, Multiply Group, Alpha Dhabi Holding, ADQ, Abu Dhabi Pension Fund, Emirates Investment Authority – as well as India’s Adani family have come in as ‘conerstone’ investors.

International Holding Company, Multiply Group, and Alpha Dhabi Holding have committed $50 million, $50 million and $100 million, respectively. ADQ’s commitment is for $120 million, Abu Dhabi Pension Fund is at $100 million and Emirates Investment Authority $75 million.

The Adani Family will put in $75 million. They have made combined commitments of approximately $570 million. These shares bought by cornerstone investors are subject to a minimum six-month lock-up provision following the listing.

Clearing ADNOC Drilling

According to Vijay Valecha, Chief Investment Officer at Century Financial, "At a Dh2.45 listing price, Borouge might be priced perfectly given the current market situation. A company valuation of $20 billion seems in line also with similar companies worldwide.

"The IPO will be the largest so far as it overtakes the $1.1 billion raised by ADNOC Drilling last year. This would boost volumes further on the ADX and also give investors a cheer on the diversification aspect."

Source:
Gulf News