Deyaar IPO raises over Dh45 billion

DUBAI — Deyaar announced that its Dh 3.178 billion issue was more than 14 times oversubscribed.



By A Staff Reporter

Published: Tue 22 May 2007, 8:57 AM

Last updated: Sat 4 Apr 2015, 11:08 PM

The issue, which successfully closed on May 16, attracted over 85 thousand subscribers, collecting over Dh45 billion. Shuaa Capital is the lead manager, financial adviser and sole bookrunner for Deyaar's IPO.

The preliminary subscription data, subject to final audited figures, indicates that the issue is more than 14 times oversubscribed, with noticeable strong retail and institutional demand both in the UAE and across the GCC.

The Ministry of Finance and Industry has elected to subscribe to 5 per cent of the total number of shares on offer, the maximum percentage permitted under the law. The ministry will be allocated the full percentage prior to the allocation of shares among the remaining subscribers.

Terming the issue as a major success, Zack Shahin, Chief Executive Officer, Deyaar, said, "The demand for Deyaar's shares reflects the potential of the real estate sector and the investors' confidence in the company's ability to deliver value. Deyaar is committed to the growth of the real estate sector, as also maximising gains to its stakeholders, partners and clients. Deyaar will continue to build on the trust that our investors have placed in us. "

Rody Yared, Head of Syndicate at Shuaa Capital, said "We are very pleased with the figures we are receiving. The strong demand for the issue, from both retail and institutional investors seems to indicate a reversal in market sentiment. In addition, the strong fundamentals of Deyaar, and the knowledge of and trust in the real-estate sector evident among subscribers, helped increase the demand for the IPO among all investor segments."

Refunds and allocations to subscribers in the UAE will commence on May 30, and June 4 for investors who subscribed in the GCC.


More news from Business
In-store shopping regains trust

Business

In-store shopping regains trust

What is happening now is that as Covid-19 cases continue to decline, residents are regaining confidence in in-store shopping. This is according to a Kearney study in which UAE respondents cite convenience (51 per cent), enhanced shopping experience (49 per cent) and competitive pricing (44 per cent) as the main motivators driving them back to brick and mortar stores

Business3 days ago