Al Tamimi & Company advises on the largest-ever listing on the Abu Dhabi Securities Exchange

Al Tamimi & Company, the region’s leading law firm across the Middle East and North Africa (MENA) has advised Borouge, an Abu Dhabi based petrochemical company on its initial public offering (IPO) raising over USD2 billion, creating a market capitalisation of over USD20billion, which represents the largest-ever listing on the Abu Dhabi Securities Exchange (ADX) to date.

Borouge’s listing set several major milestones for the Abu Dhabi capital markets, attracting total gross demand of more than USD83.4 billion representing an oversubscription of 42 times in aggregate. The retail offering, which attracted higher retail demand than any UAE IPO in nearly 20 years, was 74 times oversubscribed.

Borouge’s shares began trading at Dhs2.45, implying a market capitalisation for the Company of USD20.05 billion at the time of listing. On the first day of trading, Borouge’s share price rose by 20 per cent to Dh2.95, valuing Borouge at just over Dh88 billion (US$24 billion).

Al Tamimi & Company acted as legal counsel for Borouge alongside Shearman and Sterling LLP, advising on the complex IPO legal and regulatory process.

Borouge was established through a strategic partnership between Abu Dhabi National Oil Company (ADNOC), one of the world’s leading energy producers and a key facilitator of the expansion of the Abu Dhabi economy and Borealis, a market leading provider of advanced circular polyolefins solutions.

Andrew Tarbuck, Head of Capital Markets at Al Tamimi & Company commented: “we are delighted to advise Borouge and the sponsors ADNOC and Borealis on such a complex keynote deal for Abu Dhabi, Borouge’s sponsors and the ADX. It was a pleasure to be a part of an exceptional advisory team delivering a bumper IPO successfully and on time.”