Borealis subsidiary shares in high demand

Now there should be bids of 80 billion dollars (around 75 billion euros), insiders said. The offer was thus oversubscribed by a factor of about 40.

Borouge and Adnoc declined to comment. Institutional investors, including the world’s largest asset managers BlackRock and Fidelity, have collected orders worth $63 billion. Demand from private investors, including company employees, totals $17 billion. This is the highest demand for an IPO in the United Arab Emirates in almost two decades. The shares are to be listed on the Abu Dhabi Stock Exchange.

Borouge manufactures so-called polyolefins, plastics that are used in packaging, in automotive construction and in the medical sector. The offer period for institutional investors ended yesterday.