(MENAFN- Khaleej Times) Emirates reit will raise $175 million in the ipo which was 3
Dubai-based real estate investment trust emirates reit said it had expanded the size of its initial public offer of shares on nasdaq dubai the emirate’s first ipo since 2009 because of strong demand.
Emirates reit will raise $175 million in the ipo which was 3.5 times oversubscribed by selling 128.68 million new shares it said in a statement on sunday. in addition up to 19.30 million shares will be sold under over-allotment arrangements.
The offer was priced at $1.36 per share at the bottom of an indicative range of $1.36-$1.56. shares have been sold to a broad base of institutional investors in the uae the gulf and britain the company said. the ipo benefited from strong dubai real estate and equity markets over the past 18 months.
Compiled from agencies
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