Mashreq Bank has announced it will be offering its retail customers the opportunity to subscribe to upcoming initial public offerings (IPOs) on Dubai Financial Market (DFM) through its online banking platform and app.
The new initiative launched by Mashreq comes as Dubai prepares to publicly list 10 government-owned companies on the DFM, as announced by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, with the aim of expanding the financial market’s capitalisation to AED3 trillion ($816.8 billion).
On Thursday, Dubai Electricity and Water Authority (DEWA) announced the price range and start of the subscription period for its IPO on DFM.
Ahmed Abdelaal, group CEO, Mashreq Bank, said: “These are exciting times for Dubai Financial Market, with multiple developments coming together to create a favorable atmosphere for IPOs and a host of A-grade offerings in the pipeline.
“Our digital banking proposition will not only offer a seamless digital experience to customers who are looking to subscribe to any future IPOs, but will also facilitate in expanding the offering to the widest base of potential subscribers.”
Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “We are pleased to see this commitment from Mashreq Bank to facilitate the subscription process, which clearly indicates the importance of concerted efforts between DFM and leading financial institutions to strengthen digital transformation in Dubai and advance investors’ experience to new heights.”
The digital platform allows for real-time subscription payments for Mashreq’s retail customers.
Mashreq added that it has also initiated a leveraging scheme for interested customers to enhance their allocation potential.
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