The wave of Middle East energy IPOs continues unabated, and the flotation of 10% of Abu Dhabi petchems firm Borouge is set to raise $2bn.

The Borouge JV between Adnoc and Austria’s Borealis announced on 23 May that the price per share for the offering had been set at AED2.45 ($0.67). With the offering consisting of approximately 3bn shares, the partners will raise $2bn in the sale, valuing the venture at $20bn. (CONTINUED - 706 WORDS)