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Dubai Islamic unit Deyaar plans $866 mln May IPO
DUBAI - UAE property firm Deyaar, a subsidiary of Dubai Islamic Bank DISB.DU, said on Sunday it planned to raise 3.18 billion dirhams ($866 million) in an initial public offering next month to finance expansion.
Deyaar will sell a 55 percent stake, or 3.178 billion shares, at 1.02 dirhams per share in an offering that will run from May 6 to May 16, it said in a statement.
Nationals of the UAE and Gulf Arab countries will be able to subscribe to the IPO, the proceeds of which will go toward funding projects in the UAE as well as upcoming projects in Saudi Arabia, Qatar, Kazakhstan and India, Chief Executive Zack Shahin said in the statement.
Dubai-based investment bank Shuaa Capital SHUA.DU is the IPO’s lead manager.
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