Borouge Petrochemical said on Monday it had set the offer price for its initial public offering, which appears to have raised nearly $2 billion in the deal, and secured seven core investors.
The Abu Dhabi National Oil Company, ADNOC, and its strategic partner, Borealis, have set the initial public offering price at 2.45 dirhams ($0.67) per share, meaning the shares are valued at $20 billion.< /p>
Borouge said it had secured a total commitment of around $570 million, Emirati newspaper Al Bayan reported.
The company announced yesterday, that its profits fell in the first quarter of this year by 14% to $ 360 million.
