UAE: Burjeel Holdings announces IPO, subscription period begins today

UAE: Burjeel Holdings announces IPO, subscription period begins today

The final offer price is expected to be announced on Wednesday, October 5

Published: Fri 30 Sep 2022, 8:26 AM Last updated: Fri 30 Sep 2022, 8:33 AM

Burjeel Holdings has announced that it will be offering approximately 550,729,221 shares, representing 11 per cent of issued share capital, in an Initial Public Offering (IPO). It will also list its shares on the Abu Dhabi Securities Exchange.

The opening of the subscription period for the offering commences today, September 30, 2022, and will continue until Tuesday, October 4, 2022 for the First Tranche (offering to individual subscribers and other investors in the UAE, (the “UAE Retail Offering”) and the Second Tranche (“Professional Investors”).

The offering price rage

The price range for the Offering has been set between Dh2 to Dh2.45 per share, implying an equity value of $2.7 billion to $3.3 billion. The final offer price is expected to be announced on Wednesday, October 5, 2022. Listing of the shares to trading on ADX is expected on Monday, October 10, 2022.

They expect to sell 350,331,555 shares representing 7 per cent of the Company’s issued share capital, with the Selling Shareholder reserving the right to amend the size of the Offering and the size of any Tranche