May 20, 2022

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ADNOC and Borealis seek to arrange an initial public offering

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Two well-known sources told Reuters that Abu Dhabi National Oil Company (ADNOC) and its Austrian partner Borealis for the Chemical Industry had invited banks to submit bids for a joint venture for plastic “Borouge” in stock. Exchange.

Both sources state that “ADNOC and Borealis have invited several local and regional banks to participate in the initial public offering”, with Citi, HSBC, Morgan Stanley and First Abu Dhabi having previously been assigned global co-operation. Year.

They noted that Goldman Sachs, an American investment bank, is also seeking to take part in the process.

Among its many products, Borouge produces plastics used in cars and food packaging. According to its website, the company employs 3,000 people, has customers in more than 100 countries in the Middle East, Asia and Africa, and its main factory is located in Abu Dhabi and has a marketing and sales office in Singapore.

ADNOC and Borealis said last month they were considering arranging an initial public offering for Borouge.

Abu Dhabi’s main stock index has risen nearly 13% this year due to the rise in IPOs.

ADNOC CEO Sultan Al Jaber oversaw the company’s transformation strategy 4 years ago by creating an investment group to monetize assets and raise funds from international private investment groups.

ADNOC covered its drilling operations at Abu Dhabi’s largest initial public offering last year. Shares of Fertiglobe, a joint venture between ADNOC and chemical manufacturer OCI, have been trading on the stock exchange since last year, and ADNOC issued shares in 2017 in its issuer.

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