Abu Dhabi’s largest IPO-to-date has completed, with petchems firm Borouge (Adnoc 54%, Borealis 36%, free float 10%) starting trading on the Abu Dhabi Exchange (ADX) on 3 June. The IPO raised $2bn, valuing Borouge at $20bn (MEES, 27 May). Borouge says it expects to pay out dividends of $975mn this fiscal year and at least $1.3bn for fiscal year 2023.

Adnoc CEO Sultan al-Jaber hailed “exceptional demand from local retail and institutional investors as well as the global institutional investor community, this historic listing is the fourth company we have successfully brought to market. This IPO demonstrates our ongoing contribution to support the diversification of Abu Dhabi’s buoyant and dynamic equity capital market and reinforces ADNOC’s continued role as the critical enabler of growth and expansion of the UAE economy and private sector, and in solidifying Abu Dhabi’s position as a global investment destination of choice.” (CONTINUED - 197 WORDS)