Emirates Reit sets IPO price range

Dubai-based real estate investment trust Emirates Reit said on Sunday that it set the price range for its initial public offer of shares at $1.36 to $1.56 per share, and expects the listing on Nasdaq Dubai to occur around the middle of April.

The company, valued at between $356.2 million and $408.6 million, will issue as many as 110.3 million new shares with an over-allotment option of 16.5 million additional shares, it said in an e-mailed statement.

An investor roadshow for the IPO will run from March 23 to April 2; trading of the shares on the Nasdaq Dubai bourse is expected to start sometime in the following week, the company added.

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