• The Abu Dhabi-headquartered petrochemicals firm, Borouge, becomes the largest ever listing to date on Abu Dhabi Securities Exchange

Abu Dhabi, UAE:  Abu Dhabi Global Market (ADGM) today welcomed the successful initial public offering (IPO) of Borouge plc (Borouge), an ADGM registered public company, on the Abu Dhabi Securities Exchange (ADX). Borouge became the largest ever listing to date in Abu Dhabi’s history, further strengthening the capital’s growing and dynamic capital markets.

Borouge’s listing marks a significant milestone for Abu Dhabi and further strengthens ADGM’s position as the region’s leading International Financial Centre. With its supportive business environment comprising a pioneering regulatory landscape and English common law framework, ADGM is seeing a significant increase in the number of companies choosing to register at the financial centre and explore a potential listing on ADX to attract international investors.

As one of the best performing exchanges globally in 2021, ADX saw the number of new institutional investors increase by 77 per cent to 708 in 2021 and nine companies list last year, including Adnoc Drilling and Fertiglobe, a leading nitrogen fertilizer and ammonia producer and distributer. In 2022, the exchange has continued its listing momentum with Abu Dhabi Ports Group raising $1.1bn from its share sale in February to expand operations globally and boost growth

The latest Borouge offering has seen the highest subscription levels by UAE retail investors in any UAE IPO in almost two decades and significant demand from local and international institutional investors, leading to an oversubscription by 42 times. Of the 10 per cent of total issued shared share capital offered as part of the float, 88 per cent was earmarked for institutional investors, who placed orders of about $65.5 billion.

Commenting on the successful listing, His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM said: “We congratulate Borouge on this important milestone and the significant interest it has generated the world over. Despite volatile global markets, high investor interest in Borouge demonstrates the untapped potential and value of UAE companies for local and global investors. This is a defining moment for the UAE’s capital and regulatory markets. As Abu Dhabi’s International Financial Centre, we’re seeing a significant increase in companies registering in ADGM and exploring listings in the UAE to capitalise on the strong local and international investor demand for the UAE’s national champions. As a destination of choice that helps businesses thrive, ADGM will continue to support organisations across Abu Dhabi to achieve their ambitions.”

Borouge is now a part of ADGM’s fast-growing community of more than 4700 registered entities, comprising world-class local and international banks, financial institutions, investment firms, fund management companies, treasury centres, energy companies, technology firms, tech start-ups, corporate and professional services, and more.

Established in 1998, Borouge is a strategic joint venture between the Abu Dhabi National Oil Company (“ADNOC”) and Borealis. It is one of the world’s leading providers of innovative and differentiated polyolefin solutions for the agriculture, infrastructure, energy, advanced packaging, mobility, and healthcare industries.

-Ends-

About Abu Dhabi Global Market (ADGM)

Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

ADGM’s strategy is anchored by Abu Dhabi’s key strengths spanning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising four independent authorities: ADGM Authority, ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.

It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*

For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)

* Source: The Global Investor Middle East and North Africa (MENA) Awards

For enquiries:  media@adgm.com
For media queries please contact:Mazar Masud
Head of Abu Dhabi
Edelman Middle East
E: mazar.masud@edelman.com
Hajer Altenaiji
Head of Corporate Communications, ADGM
E: media@adgm.com