Abu Dhabi-headquartered 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 Borealis' 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, India's Adani family and entities controlled by International Holding Company (IHC.AD), Multiply Group and Alpha Dhabi (ALPHADHABI.AD).

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 company'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.