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Tue 19 Feb 2008 04:57 PM

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NBAD to manage wave of 2008 IPOs

National Bank of Abu Dhabi expects to oversee eight initial public offerings this year, senior exec says.

National Bank of Abu Dhabi (NBAD) expects to manage eight UAE initial public offerings this year, with three aiming to raise at least 4 billion dirhams ($1.09 billion) by the end of June.

"Our reading is we might do eight IPOs this year," Majd Maaitah, senior manager for securities services at NBAD, told Reuters on Tuesday. "These three IPOs ... their value could exceed 4 billion dirhams."

Two of the three are Abu Dhabi-based and the third is in Dubai, Maaitah said. Their businesses are real estate, financial services and education, he said, declining to be more specific.

NBAD, the UAE's second-largest bank, managed three IPOs last year and one so far this year. (Reuters)

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