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Borouge secures Dh2.1 billion from cornerstone investors in IPO
The largest-ever listing to date in Abu Dhabi’s history; gets seven cornerstone investors; Announces Dh2.45 per share offer price as the IPO subscription period starts
The IPO subscription period has commenced on Monday, closing to retail investors on May 28 and to qualified institutional investors on 30th. — File photo
Borouge, a joint venture between Abu Dhabi National Oil Company (Adnoc) and Austrian chemical producer Borealis, on Monday said it secured seven cornerstone investors, including India’s wealthy Adani family for its $2 billion initial public offering (IPO).
The Abu Dhabi-headquartered petrochemicals firm, which set the offer price for its IPO at Dh2.45 ($0.67) a share, said it secured a total commitment of about Dh2.1 billion ($570 million) from Abu Dhabi state holding firm ADQ, the Abu Dhabi Pension Fund, the Emirates Investment Authority, India’s Adani family and entities controlled by International Holding Company, Multiply Group and Alpha Dhabi. The investment from the cornerstone investors is subject to a minimum six month lock-up period.
The IPO subscription period has commenced on Monday, closing to retail investors on May 28 and to qualified institutional investors on 30th. The Dh2.45 per share offer price, which implies an equity value of Dh73.6 billion ($20 billion), making the IPO the largest-ever listing to date in Abu Dhabi’s history.
Analysis and market experts termed the IPO price very attractive for investors and said the IPO is bound to oversubscribed multiple times. They said the government may increase the IPO size and avail greenshoe option amid considering a very encouraging response from the market.
“Books for the initial public offering were covered in about an hour after opening,” a bookrunner on the deal said.
The petrochemicals firm will list 10 per cent of its shares, or more than three billion ordinary shares, on the second biggest stock market of the region. The expected date of listing on the ADX is June 3, 2022.
Borouge, established in 1998, Borouge manufactures plastics used in everything from automobiles and food packaging to medicine vials and piping systems. The company’s main plant is in Abu Dhabi and it employs more than 3,000 people and serves customers across the Middle East, Africa and Asia.
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“Our investment underpins our confidence in the Abu Dhabi market, which has maintained strong momentum in its capital market despite the ongoing global economic uncertainty. This momentum continues on the back of solid economic growth in Abu Dhabi and ADX’s growing depth, resilience, and sophistication,” said Samia Bouazza, CEO and managing director at Multiply Group, which is going to invest Dh183.75 million ($50 million) in Borouge IPO as a cornerstone investor.
He said the Borouge has grown into one of the world’s largest, sustainably producing polymer manufacturers, increasing its production by 10 times since 2001, reaching $5.5 billion in revenue in 2021.
“We expect this growth to continue due to global population growth and urbanisation, especially for recyclable solutions. This key focus on ESG principles is a very important factor in our investment thesis,” he said.
Alpha Dhabi to invest Dh367 million
Hamad Al Ameri, CEO of Alpha Dhabi Holding, said his company has made an Dh367 million investment into Borouge’s IPO.
“Alpha Dhabi’s investment in Borouge’s IPO is another example of our continued support in the ongoing development of regional capital markets. These types of investments continue to be a core focus for Alpha Dhabi as we grow our platform and portfolio, and we are proud to be a cornerstone investor in Borouge’s IPO,” Al Ameri said.
IHC to invest Dh183 million
International Holding Company (IHC), also announced an investment of Dh183 million in the IPO as cornerstone investor.
Syed Basar Shueb, CEO and managing director of IHC, said IHC is driven to further cement its position as a global player, pursuing high return assets in line with its vigorous diversification strategy.
“With growth across regional capital markets, namely the petrochemical sector, we are set to capitalise on this as cornerstone investor in Borouge. This investment directly aligns to our company ongoing focus in innovative clean-energy companies with resolute ESG principles that target the challenges of plastic waste recycling and generate long-term sustainability. IHC remains steadfast in developing a fully integrated, multi-sector portfolio to achieve its long-term objectives of high growth and high returns for shareholders,” he said.
— muzaffarrizvi@khaleejtimes.com
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