Borouge plc’s USD2 Billion Initial Public Offering

Allen & Overy has advised the underwriters involved on the matter. Shearman & Sterling advised Abu Dhabi National Oil Company, Borealis AG and Borouge plc.

Borouge plc, the strategic joint venture between Abu Dhabi National Oil Company (“ADNOC”) and Borealis AG (“Borealis”), one of the world’s leading providers of innovative and differentiated polyolefin solutions, has listed on the Abu Dhabi Securities Exchange (“ADX”), following the completion of Abu Dhabi’s largest-ever Initial Public Offering (“IPO”) and the Middle East’s largest-ever petrochemicals listing.

The IPO, which raised gross proceeds of more than $2.0 billion for the offering of 10% of the Company’s total issued share capital, attracted total gross demand of more than $83.4 billion and was almost 42 times oversubscribed in aggregate.

Citigroup Global Markets Limited, First Abu Dhabi Bank PJSC, HSBC Bank Middle East Limited and Morgan Stanley & International plc acted as Joint Global Coordinators and Joint Bookrunners, and Abu Dhabi Commercial Bank PJSC, Arqaam Capital Limited, EFG-Hermes UAE Limited, Goldman Sachs Bank Europe SE and International Securities L.L.C acted as Joint Bookrunners. First Abu Dhabi Bank PJSC acted as the Lead Receiving Bank and Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, and Al Maryah Community Bank PJSC acted as Receiving Banks.

The A&O team was led by Abu Dhabi based Partners Khalid Garousha (Picture) and Nicholas Stuart and US Securities Partner Adam Wells, supported by a cross border team involving lawyers in the UAE, London, New York and Washington.

The Shearman & Sterling team Marwan Elaraby, Thomas Donegan, Pawel J. Szaja, Renad Younes, Samuel Ogunlaja, Omar Alkaffas, Kasia Lebiecki, Isla Smith, Elias Allahyari, Raja Ghandour, Caitlin Mcphee, Omar Morsy, Krishna Parikh, Rachel Treasure, Andrew Steele, Ashley Cywicki, Silvia Montanya, Yvonne Addai and Hazim Alfreahat.

Involved fees earner: Khalid Garousha – Allen & Overy; Nicholas Stuart – Allen & Overy; Adam Wells – Allen & Overy; Omar Alkaffas – Shearman & Sterling; Elias Allahyari – Shearman & Sterling; Thomas Donegan – Shearman & Sterling; Marwan Elaraby – Shearman & Sterling; Kasia Lebiecki – Shearman & Sterling; Caitlin McPhee – Shearman & Sterling; Omar Morsy – Shearman & Sterling; Samuel Ogunlaja – Shearman & Sterling; Krishna Parikh – Shearman & Sterling; Raja Ghandour – Shearman & Sterling; Isla Smith – Shearman & Sterling; Pawel Szaja – Shearman & Sterling; Rachel Treasure – Shearman & Sterling; Renad Younes – Shearman & Sterling;

Law Firms: Allen & Overy; Shearman & Sterling;

Clients: Abu Dhabi National Oil Company; Borealis AG; Borouge; Citigroup Global Markets Ltd; First Abu Dhabi Bank PJSC; HSBC Bank Middle East Limited; Morgan Stanley;

Giulia Di Palma

Author: Giulia Di Palma