Dubai Holding will raise the size of residential REIT’s Initial Public Offering (IPO) to 15 per cent of issued unit capital, up from the previously announced 12.5 per cent.
Based on revised offering size "following strong demand from domestic and international investors and oversubscription across all tranches", it is seeking to raise up to AED 2.15 billion ($585.45 million), the company said.
It implies market capitalisation at listing of between AED13.9 billion ($ 3.8 billion) and AED 14.3 billion ($ 3.9 billion).
The company is offering a stake in its REIT at a price ranging from AED 1.07 to AED 1.10 per unit.
Upon listing on the Dubai Financial Market (DFM), DHAM Investments LLC, a subsidiary of Dubai Holding, will continue to own a majority 85 per cent stake in the REIT.
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