Borouge, a petrochemicals business located in Abu Dhabi, raised more than $2 billion on Tuesday after demand for its initial public offering (IPO) surpassed $83.4 billion.

The shares are expected to begin trading on the Abu Dhabi Securities Exchange (ADX) on Friday under the ticker BOROUGE, making it the largest IPO on the exchange in the previous two years.

Gulf issuers have raised more than $10 billion from IPOs so far this year, Refinitiv data shows, exceeding European flotations even as global markets remain volatile in the wake of the conflict in Ukraine.

Borouge last week set the offer price for its IPO, indicating it could raise $2 billion in the deal and giving the company an implied equity value of $20 billion.

The company is owned by Abu Dhabi National Oil Company (ADNOC) and Austria’s Borealis. Following the IPO, ADNOC will continue to hold a 54 percent majority stake and Borealis will own 36 percent.

Of the 10 percent of Borouge offered, 88 percent was earmarked for institutional investors, who placed orders of about $65.5 billion.

Among them were roughly $570 million in cornerstone investments 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 , Multiply Group and Alpha Dhabi.

Citi, First Abu Dhabi Bank, HSBC and Morgan Stanley were joint global coordinators, while Abu Dhabi Commercial Bank, Arqaam Capital, EFG-Hermes, Goldman Sachs and International Securities LLC joined them as joint bookrunners.

Abu Dhabi Islamic Bank and Al Maryah Community Bank acted as receiving banks.