Abu Dhabi’s Borouge enters FTSE Global Equity index series

UAE-based petrochem major Borouge plc has been included in FTSE Russell’s FTSE Global Equity Index Series, which includes three world-renowned indices – FTSE Emerging Index, FTSE Global Large Cap Index and FTSE All-World Index, the company said on Monday.

FTSE Russell’s indices are used by investors globally to inform asset allocation decisions and support portfolio construction, and joining these key Indices marks a major recognition of Borouge and underlines its relevance to the global institutional investor base that participated in its recent initial public offering (IPO), the company said in a statement.

On June 3, ADNOC and Borealis successfully completed the Borouge IPO of 10% of the company’s total issued share capital on the Abu Dhabi Securities Exchange (ADX).

The IPO raised gross proceeds of more than $2 billion – becoming Abu Dhabi’s largest-ever IPO and the Middle East’s largest-ever petrochemicals listing.

The listing also saw overwhelming demand from UAE retail investors and qualified institutional investors, achieving the highest retail oversubscription levels of any UAE IPO in almost two decades, the company said.

On the first day of trading, the company, which started trading under the ticker symbol “Borouge,” finished with a market value of about $24.57 billion and its share price gaining more than 22 per cent to settle at AED3.

Established in 1998, Borouge combines the strength and experience of its majority shareholders ADNOC and Borealis, through its operations headquartered in Abu Dhabi, and sales and marketing headquartered in Singapore. It is one of the world’s leading providers of innovative and differentiated polyolefin solutions for the infrastructure, energy, agriculture, mobility, healthcare and advanced packaging industries.