Borouge, a chemicals joint venture between the United Arab Emirates’ main oil company and Borealis AG, surged in its trading debut after raising $2 billion in Abu Dhabi’s biggest listing.
The shares rose as much as 20 percent to 2.95 dirhams on Friday, valuing Borouge at just over 88 billion dirhams ($24 billion). The shares were priced at 2.45 dirhams each.
The IPO attracted $83 billion of orders in the latest sign of strong demand for listings in the region. It drew interest from the likes of BlackRock Inc. and Fidelity, Bloomberg reported last week.
Seven cornerstone investors agreed to subscribe for $570 million worth of shares, including Gautam Adani, Asia’s richest man.
Read More : https://english.alarabiya.net/business/markets/2022/06/03/Borouge-soars-in-debut-after-staging-Abu-Dhabi-s-biggest-IPO
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