Abu Dhabi’s state-backed Borouge saw extremely high demand for shares ahead of Friday’s float, according to reports.
The petrochemical firm specialising in plastics sought a US$2bn IPO raise but, according to a Bloomberg report, received demand equivalent to US$82bn – making the primary share sale some 42 times oversubscribed.
Pitched at 2.45 dirhams (US$0.67) per share the placing will value the group at US$20bn.
Borouge is a joint venture between the Abu Dhabi National Oil Company (ADNOC) and Austrian chemicals group Borealis.
The shares will trade in Dubai from Friday June 3.
According to Bloomberg investor interest was strong in the United Arab Emirates and Saudi Arabia.
The IPO was arranged by a group of banks including Citigroup, First Abu Dhabi Bank, HSBC Holdings and Morgan Stanley (NYSE:MS).