Abu Dhabi National Oil Company (ADNOC) and Borealis’  petrochemicals joint venture Borouge has set an offer price of 2.45 dirhams ($0.66) per share for its IPO, the biggest-ever in the country.

International Holding Company, Multiply Group, Alpha Dhabi Holding, ADQ, Abu Dhabi Pension Fund, Emirates Investment Authority, and the Adani Family, in each case, directly or indirectly, to become cornerstone investors in the IPO with a combined commitment of approximately $570 million.

The offer price implies an equity valuation of approximately $20 billion, the company, which plans to IPO and list its shares on the Abu Dhabi Securities Exchange (ADX), the specialty plastics maker said in a statement.

Entities ultimately controlled by International Holding Company, Multiply Group, and Alpha Dhabi Holding, have committed to subscribing for shares in amounts equal to $50 million; $50 million; and $100 million respectively. Additionally, ADQ has committed $120 million; Abu Dhabi Pension Fund has committed $100 million; Emirates Investment Authority has committed $75 million; and the Adani Family has committed $75 million.

The IPO subscription period starts on May 23 and runs until May 28 for the UAE retail investors and May 30 for institutional buyers. The offering consists of 3 billion existing shares, representing 10% of Borouge’s issued share capital.

Borouge expects its shares to be admitted for trading on the ADX on June 3.