Dubai Financial Market (DFM) said that its landmark initial public offering (IPO) is open for subscription as of today, UAE news agency WAM has reported. Dubai Government, the founder and main shareholder of DFM, intends to offer dhs1.6 billion (US$ 435 million), representing 20 per cent of the DFM share capital of dhs8 billion, through this IPO. The IPO starts today and closes on Thursday, November 23.
DFM has appointed Dubai Bank as the Lead Advisor, Manager, Arranger and Book Runner. The 1.6 billion shares on offer are divided into two offerings, the private offering of 720 million shares and public offering of 880 million shares.