Brooge Petroleum plans to float 40 per cent in London IPO

Dubai: The United Arab Emirates Brooge Petroleum & Gas Investment Co. plans to float 40 per cent of its capital on the London Stock Exchange in October, BPGIC Vice-Chairman Housam Elemri said on Sunday.

BPGIC is looking to raise $400 million (Dh1.47 billion) from Emirati and foreign investors in the IPO, to be conducted in a single tranche, he told Reuters in Dubai.

The IPO plan comes as the company plans to boost storage capacity for crude and oil products in the Fujairah oil hub in the UAE.

The company has already secured strategic investors and plans a road show next week in the United States and Europe, he said.