The Abu Dhabi National Oil Company (ADNOC) announced the initial public offering price for its joint venture with Austria’s Borealis today. The original offer price of Borouge has been set at 2.45 Emirati dirhams ($0.67) per share, ADNOC said in a statement. Why it matters: ADNOC is the United Arab Emirates’ state oil company, while Borealis is a leading petrochemical firm. ADNOC announced last week its intention to float a 10% stake of the joint venture Borouge on the Abu Dhabi Securities Exchange. The UAE is seeking to further diversify its economy with the move.
The UAE is pursuing various investments in green technology, but the oil and gas sectors still amount to about a third of the Gulf state’s economic growth.
What’s next: The following is a timeline of Borouge’s initial public offering:
- May 28: offering period ends for individual investors and ADNOC employees
- May 30: offering period ends for “qualified investors,” which refers to investors who meet certain net worth and income guidelines
- May 31: announcement of the final offering price
- June 2: allocation of the shares to individual investors and employees
- June 3: expected date of the shares being listed on the Abu Dhabi stock exchange
Know more: ADNOC has made new energy discoveries this year. In February, the company found natural gas off the coast of Abu Dhabi. Last week, the company discovered oil at three onshore sites.