Abu Dhabi-based Boroughs set the IPO price, with seven founding investors

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DUBAI – Abu Dhabi-based petrochemicals firm Boroughs said Monday it has set an offer price for its initial public offering (IPO), which shows it could raise about 2 2 billion in deals and secures seven cornerstone investors.

The joint venture IPO of Abu Dhabi National Oil Company and Borealis has set a price of 2.45 dirhams ($ 0.67) per share, which means an equity value of $ 20 billion.

Borough said it had secured a total of about 70 570 million from Abu Dhabi State Holding Firm ADQ, the Abu Dhabi Pension Fund, the Emirates Investment Authority, the Adani family of India and companies controlled by the International Holding Company, Multiply Group and Alpha Dhabi.

The company, whose products are used in items such as cars and food packaging, said last week that it would offer about 3 billion existing shares, representing 10% of the company’s issued share capital.

Gulf oil producers are following in Abu Dhabi’s footsteps with plans to raise billions of dollars by selling shares of energy resources, capitalizing on crude price returns to attract foreign investors.

(1 = 3.6726 UAE dirhams) (Reporting by Hadil Al Sayeg; Editing by Utteresh.V and Sherry Jacob-Phillips)

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