Skip to content

Allen & Overy has advised the underwriters on the USD2bn IPO and listing of Borouge plc, on the Abu Dhabi Securities Exchange

Allen & Overy has advised the underwriters on the initial public offering (IPO) and listing of Borouge plc (Borouge) on the Abu Dhabi Securities Exchange (ADX).

Borouge, a strategic joint venture between Abu Dhabi National Oil Company (ADNOC) and Borealis AG (Borealis), 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 IPO comprised a sale by ADNOC and Borealis Middle East Holding GmbH, a wholly owned subsidiary of Borealis, of a 10%  stake in Borouge resulting in gross IPO proceeds of over USD2bn. This makes it the largest ever IPO on the ADX.

The IPO was multiple times oversubscribed, with significant demand from UAE retail investors as well as regional and institutional investors. Total gross demand for the IPO amounted to over USD80bn, implying an oversubscription level in excess of 40 times in aggregate.

Lead Partner Khalid Garousha commented: “We are proud to have advised the underwriters on such a highly successful listing.  This IPO continues the rich vein of equity capital market transactions that we are seeing in the GCC and which I am confident we will continue to see for some time.” 

The A&O team was led by Abu Dhabi based Partners Khalid Garousha and Nicholas Stuart and US Securities Partner Adam Wells, supported by a cross border team involving lawyers in the UAE, London, New York and Washington.