Abu Dhabi's Borouge draws $80 bln in demand for its IPO -sources | Reuters
Abu Dhabi-based petrochemicals company Borouge has attracted demand of $80 billion for its initial public offering, two sources told Reuters, as retail investors snapped up shares despite volatile global markets.
The company, which is jointly owned by Abu Dhabi National Oil Company and Austria's Borealis, has attracted orders of $63 billion from institutional investors, said the sources, declining to be named as the matter is not public.
Borouge is due to list on the Abu Dhabi stock exchange on Friday.
Demand for the retail tranche, which includes employees in the company, totalled $17 billion, the highest for an IPO in the United Arab Emirates in almost two decades.
Asset managers BlackRock and Fidelity were among institutional investors taking part in the offering, the sources said.
Borouge and ADNOC declined to comment when contacted by Reuters on Monday. BlackRock and Fidelity did not immediately respond to a request for comment.
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