Shares in Dubai retailing and restaurants group Marka jumped 77 percent upon listing on Thursday in the first flotation on the emirate's main stock market since 2009.
Marka shares opened at AED1.77 ($0.48) on the Dubai Financial Market, up from their initial public offer price of AED1. The firm raised AED275 million ($75 million), 55 percent of its capital, in April via an offer that was 36 times subscribed.
IPOs in Dubai dried up when the emirate's financial crisis erupted five years ago, and since then restrictive listing requirements have encouraged several UAE companies to list in London rather than at home.
But a strong rebound in Dubai's equity and property prices over the past 18 months has revived investors' spirits, and the Marka IPO appears to signal the start of a string of offers on the DFM.
Emaar Properties, Dubai's top real estate developer, has attracted heavy demand for the much bigger IPO of its shopping malls unit on the DFM, which will end this week and is expected to raise $1.58 billion.For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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