DUBAI, May 23 Reuters Abu Dhabiheadquartered petrochemicals firm Borouge said on Monday it has set the offer price for its initial public offering IPO, which shows it could raise about 2 billion in the deal, and secured seven cornerstone investors.

The Abu Dhabi National Oil Company and Borealis39; joint venture set the IPO price at 2.45 dirhams 0.67 a share, which implies an equity value of 20 billion.

Borouge said it secured a total commitment of about 570 million from Abu Dhabi state holding firm ADQ, the Abu Dhabi Pension Fund, the Emirates Investment Authority, India39;s Adani family and entities controlled by International Holding Company, Multiply Group and Alpha Dhabi.

The company, whose products are used in items such as cars and food packaging, said last week that its offering will consist of approximately 3 billion existing shares, representing 10 of the company39;s issued share capital.

Gulf oil producers are following in the footsteps of Abu Dhabi with plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.

1 3.6726 UAE dirhams

Reporting by Hadeel Al Sayegh; Editing by Uttaresh.V and Sherry JacobPhillips

Source Reuters