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HomeNewsBorouge Successfully Lists on ADX in Abu Dhabi’s Largest-Ever IPO

Borouge Successfully Lists on ADX in Abu Dhabi’s Largest-Ever IPO

Shearman & Sterling advised Abu Dhabi National Oil Company (ADNOC), Borealis AG (Borealis) and Borouge plc (Borouge) in connection with the initial public offering (IPO) of Borouge, marking the largest-ever listing on the Abu Dhabi Securities Exchange (ADX).

The IPO, which raised gross proceeds of more than $2.0 billion, was almost 42 times oversubscribed in aggregate. The retail offering, which attracted higher retail demand than any UAE IPO in nearly 20 years, was 74 times oversubscribed. Borouge’s debut on the ADX implied a market capitalization of over $20 billion.

Founded in 1998 as a strategic joint venture between ADNOC and Borealis, Borouge is one of the world’s leading providers of innovative and differentiated polyolefin solutions for the agriculture, infrastructure, energy, packaging, mobility and healthcare industries.

The Shearman & Sterling team below included Andrew Steele, Ashley Cywicki, Silvia Montanya, Yvonne Addai and Hazim Alfreahat.

The Team