Borouge’s $2 Billion #AbuDhabi IPO Draws $83 Billion of Orders - Bloomberg

Borouge’s $2 Billion Abu Dhabi IPO Draws $83 Billion of Orders - Bloomberg

The United Arab Emirates’ main oil company and Borealis AG raised $2 billion in the initial public offering of their chemicals joint venture, drawing $83 billion of orders in the latest sign of strong demand for listings in the region.

Borouge’s IPO is Abu Dhabi’s biggest-ever listing and adds to a string of sizable offerings from the UAE and Saudi Arabia, where markets have largely bucked the volatility that’s put a lid on share sales globally.

Abu Dhabi National Oil Co. and Vienna-based Borealis sold 3 billion shares at 2.45 dirhams each in the deal, valuing Borouge at $20 billion. The demand amounted to an oversubscription level of almost 42 times.

Oil’s almost 60% surge this year to more than $120 a barrel has helped draw foreign flows to the region’s markets, which have been some of the world’s best performers this year. Many recent offerings in Dubai and Saudi Arabia have attract tens of billions of dollars of demand.