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
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.
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Source:Gulf News