Shuaa eyes Dh1b IPO in June

DUBAI - Dubai-based Shuaa Capital, the biggest investment bank in the UAE, is working on a Dh1 billion initial public offering (IPO) for an Abu Dhabi-based company, and it will be floated next month, its Chief Executive Sameer Al Ansari said.

By Abdul Basit

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Published: Tue 25 May 2010, 10:49 PM

Last updated: Mon 6 Apr 2015, 11:11 AM

Without revealing the name of the company, Al Ansari said: “The share sale is expected in early June and we will launch it only if we think it will be successful.” He was talking to reporters on the sidelines of MENASA Forum, organised by the Dubai International Financial Centre in Dubai, on Monday.

Earlier during a panel discussion at the forum he said: “There is a pipeline of 300 companies that want to go public but that are not encouraged by the market environment. We are quite confident this (IPO) will open up the market.”

Al Ansari hoped that there would be a rally in the market. “We think the rest of the year will be positive.” He also said it would be a good idea for Dubai to sell its “crown jewels” such as state-owned utility DEWA through public listings.

In order to attract more institutional investors, it is critical to improve regulatory frameworks and other aspects of the market infrastructure that will raise standards of transparency and corporate governance, he said.”

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