Dubai: Abu Dhabi’s Multiply Group will put up $50 million to subscribe in the upcoming Borouge IPO, the next big one in Abu Dhabi. Interestingly, Multiply had also been one of the prominent upfront investors in the DEWA offering, with $100 million.
The Borouge offer had evoked considerable institutional investor interest ever since the first mention was made about the petrochemicals entity going public. And the confirmation by Multiply – which in the recent past has made a series of high-visbility investments here and overseas – is just the endorsement needed.
Subscriptions open today (May 23) for the IPO from Borouge, which is a joint venture between ADNOC and Austria's Borealis, one of the biggest global names in the downstream space. On offer will be 10 per cent of Borouge, and in the offer announcement published last week, the founding shareholders had talked about raising the issue size.
The Multiply story
Itself listed on ADX, the Multiply Group, which was acquired by IHC in 2020, had revenues of Dh241.21 million in the first three months of 2022. In recent acquisitions, it had focussed on developing into a tech-focussed holding company.
The investment focus is split between ‘high-growth companies’ – with a focus on wellness, media and digital solutions – and ‘steady companies’, providing recurring income, such as those in utilities and automotive.