Emirates NBD REIT completes UAE's first IPO of 2017

Initial public offer 'well oversubscribed' with commitments from a mix of investors across the GCC
Emirates NBD REIT completes UAE's first IPO of 2017
By Sarah Townsend
Wed 05 Apr 2017 01:52 PM

The initial public offering (IPO) of Emirates NBD’s real estate investment trust (REIT) completed on Wednesday – the UAE’s first public listing of 2017.

Emirates NBD Capital (EMCAP), the investment banking division of Emirates NBD, one of the largest banking groups in the Middle East by assets, oversaw the listing of ENBD REIT, which admitted shares to trading on Dubai’s Nasdaq stock exchange.

EMCAP acted as listing advisor, joint global coordinator and joint bookrunner in the listing, which is the first on Nasdaq since December 2014.

ENBD REIT successfully offered 94,594,595 ordinary shares at a price of $1.11 per share, which climbed 5.17 percent during the listing to $1.17, it said.

The final offer price of 1.11 per share was equivalent to a 7.5 percent discount on net asset valuation (NAV).

The statement added that the offer was “well oversubscribed with commitments from a mix of investors representing both financial institutions and family offices across the GCC.”

Other listings on Dubai stock exchanges in the past two years include Dubai Parks & Resorts on Nasdaq in December 2014, and Damac on Dubai Financial Market (DFM) in January 2015.

Ahmed Al Qassim, CEO of investment banking at EMCAP, said: “The success of ENBD REIT’s listing reinforces our position as the UAE’s top IPO investment bank for listings on Nasdaq Dubai and DFM.”

A REIT is a company that owns or finances income-producing real estate.

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