Borouge IPO raises $2 billion

　　Borouge said it has completed the bookkeeping and public subscription process for its initial public offering (IPO) on the Abu Dhabi Stock Exchange (ADX)
.
The company has confirmed that the size of the previously announced issue of just over 3 billion ordinary shares, equivalent to 10% of Borouge's total issued share capital, was priced at AED 2.
45 per share
.
Its parent companies, Abu Dhabi National Oil Company (ADNOC) and Borealis Middle East Holdings (Borealis ME), have combined financings of more than $2 billion at the time of settlement
.

　　Borouge said the offering was "multiple" oversubscribed, with huge demand from UAE retail and accredited institutional investors
.
The company said the total demand for the IPO was more than $83.
4 billion, implying a total subscription volume of 42 times the offering value
.
This is the largest public company in ADX's history
.
After the subscription period, the first tranche of the IPO will be set aside for UAE retail investors and other individual investors at 10%
.
The second tranche is reserved for local, regional and international qualified institutional investors, and the size is set at 88%, mainly for employees of ADNOC Group companies living in the UAE, Borealis employees living in the UAE, retirees of ADNOC and Borealis in the UAE
.
The third tranche retained by employees and retirees of other related companies is set at 2%
.