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Sunday, May 06, 2007
Dubai Islamic Bank will sell a stake in its property arm starting today in the UAE's largest initial public offering, which analysts said should be oversusbcribed despite falls in Dubai's bourse this year.
Dubai Islamic Bank seeks to raise 3.18 billion dirhams ($866m) selling shares in property unit Deyaar in what would be the Gulf's fourth-largest initial public offering.
Dubai Islamic, the third-biggest Sharia-compliant lender in the Gulf by market value, plans to sell 3.178bn shares at 1.02 dirhams each, equivalent to 55 percent of the company. Only nationals from the UAE and the other Gulf Arab countries - Saudi Arabia, Kuwait, Qatar, Oman and Bahrain - can buy shares.
Deyaar's IPO is the first in the UAE since low-cost carrier Air Arabia raised only about 50 per cent more than it hoped to in an offering in March. Analysts blamed that on weak market sentiment.
Dubai's index is the second-worst performer in the Gulf this year, down 7.16pc, after falling more than 44pc last year.
Gulf Arab investors routinely piled into IPOs during and after a 2005 stock market rally in the region, whith a public offering of Dubai-based mortgage financer Tamweel ending 500 times oversubscribed
Dubai Islamic Bank seeks to raise 3.18 billion dirhams ($866m) selling shares in property unit Deyaar in what would be the Gulf's fourth-largest initial public offering.
Dubai Islamic, the third-biggest Sharia-compliant lender in the Gulf by market value, plans to sell 3.178bn shares at 1.02 dirhams each, equivalent to 55 percent of the company. Only nationals from the UAE and the other Gulf Arab countries - Saudi Arabia, Kuwait, Qatar, Oman and Bahrain - can buy shares.
Deyaar's IPO is the first in the UAE since low-cost carrier Air Arabia raised only about 50 per cent more than it hoped to in an offering in March. Analysts blamed that on weak market sentiment.
Dubai's index is the second-worst performer in the Gulf this year, down 7.16pc, after falling more than 44pc last year.
Gulf Arab investors routinely piled into IPOs during and after a 2005 stock market rally in the region, whith a public offering of Dubai-based mortgage financer Tamweel ending 500 times oversubscribed
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