Borouge made history last week. The petrochemical company successfully listed 10% of its total outstanding shares in the largest IPO ever in the history of the Abu Dhabi Securities Exchange (ADX).
There was no shortage of demand for the offering from both local and international investors. The IPO had the largest subscription levels by UAE retail investors in any Emirates IPO in nearly two decades and was oversubscribed 42 times over. 88% of the listing was earmarked for institutional investors, whose orders amounted to about $65.5b.
First Abu Dhabi Bank PJSC served as the lead receiving bank for the IPO, followed by Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, and Al Maryah Community Bank.
Why it matters
Borouge's offering has been seen as major milestone for the ADX. The exchange was one of the best performing in the world last year, with the number of new institutional investors inreasing by 77%. Here's to another banner year for the ADX!
