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Wed 1 Dec 2004 04:00 AM

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Addar's IPO 450 times oversubscribed

Property company's initial public offering had investors applying for US$102.9 billion in shares.

The initial public offering of Addar Properties has been more than 450 times oversubscribed with investors applying for US$102.9 billion in shares.

The partly state-owned company was offering 825 million shares valued at one dirham each, representing 55% of its total stocks. The IPO, restricted to UAE nationals, closed late last week.

Banking sources said the IPO's success reflected recent strong investor sentiment on UAE stock markets, and widespread bank lending to investors.

Addar Properties' founders subscribed to the remaining 45% of the shares. They include Mubadala Development, an investment fund wholly owned by the government of Abu Dhabi.

Abu Dhabi-based Addar Properties has been granted rights to develop greenfield residential, tourism, retail and entertainment projects in the Gulf state.

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