Borouge’s $2 Billion Abu Dhabi IPO Draws Asia’s Richest Man

Cornerstone investors such as Adani family commit $570 million
Borouge’s IPO offer price has been set at 2.45 dirhams a share

The Borouge 3 petrochemical plant in Al Ruwais, United Arab Emirates.
Photographer: Christophe Viseux/Bloomberg

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By Julia Fioretti and Paul Wallace

May 23, 2022 at 4:28 AM UTC

Updated on

May 23, 2022 at 7:45 AM UTC

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The United Arab Emirates’ biggest oil company and Borealis AG are seeking to raise $2 billion from an initial public offering of their chemicals joint venture in Abu Dhabi, set to be the biggest ever listing in the emirate.