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Dubai Parks and Resorts IPO oversubscribed

DUBAI, November 29, 2014

Dubai Parks and Resorts, a unit of Meraas Holding, said that the portion of its Dh2.53 billion ($689 million) initial share sale on offer to institutional investors had been many times oversubscribed.

The entity, which is developing an entertainment area in the emirate which will include theme parks and other attractions, is selling 40 per cent of its shares at Dh1 ($0.27) per share.

The initial public offering would be split between institutions, which would get 60 per cent of the shares, and retail investors, who would take the remaining 40 per cent.

The part available to professional investors closed on Thursday and was well covered by orders from regional and global institutional investors, family offices, as well as sovereign wealth funds, Dubai Parks and Resorts said in a statement.

Subscription by retail investors is open until November 30.

Commenting on the response, CEO Raed Al Nuaimi said, “We are delighted that the IPO attracted such high quality institutions. Their commitment to our offering on the Dubai Financial Market demonstrates the strength of our growth story."

"Dubai Parks and Resorts is building what will become a premier year-round global entertainment destination, targeting visitors from the Middle East, Asia and globally, by offering world class attractions based on a portfolio of globally recognised licenced brands," stated Al Nuaimi.
 
"Our experienced management team has a clear strategy which will capture the long-term value of a regionally located global destination for leisure and entertainment," he added.-Reuters




Tags: IPO | issue | Dubai Parks and resorts |

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