Adanis commit $75 million in Borouge's $2-billion IPO, says report

The Adani family has committed $75 million towards the $2-billion initial public offering of Borouge, set to be the biggest ever listing in the emirate.

Seven cornerstone investors have agreed to subscribe for $570 million worth of shares in the IPO, including the Adani family, Abu Dhabi wealth fund ADQ, which will buy shares worth $120 million, and Alpha Dhabi Holding, which has committed $100 million.

Borouge’s IPO offer price has been set at 2.45 dirhams per share, Abu Dhabi National Oil said in a statement on Monday. Adnoc and Vienna-based Borealis are selling 3 billion shares in Borouge, equating to 10