Adnoc, Borealis Seek $2 Billion From IPO of Plastics JV - Bloomberg

Adnoc, Borealis Seek $2 Billion From IPO of Plastics JV - Bloomberg

Abu Dhabi National Oil Co. and Borealis AG are seeking to raise about $2 billion from an initial public offering of their plastics joint venture, according to people familiar with the matter.

The state-owned energy company and Austrian chemicals producer plan to sell a 10% stake in their Borouge plastics unit by the end of the quarter, the people said, declining to be identified as the information is private. The sale would value Borouge at about $20 billion and could be announced as early as next month, they said.

Discussions are ongoing and no final decisions on the timeframe have been taken, the people said. A representative for Adnoc declined to comment, while a spokesperson for Borealis said the firms are considering options for Borouge, including an IPO, and will update the market when appropriate.

While markets around the world have been roiled by Russia’s invasion of Ukraine, the Middle East has sidestepped the worst of the volatility. Earlier this month, Dubai’s main utility raised $6.1 billion in the world’s second-biggest initial public offering this year.