Allen & Overy, Shearman & Sterling and Al Tamimi & Co are acting as legal advisers on the IPO of UAE-based petrochemicals major Borouge.
The float will see the company sell a 10% stake for just under $481 million, valuing the entire firm at $4.8 billion.
Borouge, a joint venture of Abu Dhabi National Oil Company (ADNOC) and Austria’s Borealis, manufactures polyolefins at a three plants in Ruwais, on the UAE’s south-west coast, and also has an industrial facility in Shanghai.
In April, ADNOC announced a 25% equity investment in Borealis, as the national oil company pursues a string of IPOs, which recently saw petrol station owner ADNOC Distribution, oil and gas services concern Abu Dhabi Drilling, and fertilizer manufacturer, Fertiglobe, all come up on the block.
The Borouge IPO is expected to list on the Abu Dhabi Securities Market (ADX) on June 3. ADNOC will own 54% of Borouge’s share capital, and Borealis 36%, with ordinary shares making up the rest.
Borouge saw revenue in 2021 of $5.5 billion.
Shearman acted as counsel to Borouge on English, UAE and U.S. law, while Al Tamimi also advised the company connected to the listing, while A&O advised banks HSBC and First Abu Dhabi Bank, according to the IPO document.
It is the latest in a series of big ticket IPOs in the Middle East in recent months. Earlier this year, Latham & Watkins and its Saudi affiliate, the law office of Salman M. Al-Sudairi, advised Saudi information security firm, Elm Co., on its SAR3.07 million ($820 million) IPO on the main Saudi stock market, known at the Tadawul.
In 2020, Simpson Thacher & Bartlett advised six private equity firms purchasing $10.1 billion in a newly created ADNOC gas pipeline concern, valuing the stake, which had rights to 38 pipelines, at $20.7 billion.
The firms mentioned in this piece were contacted for comment.