Dubai-based real estate investment trust Emirates REIT said it had expanded the size of its initial public offer of shares on NASDAQ Dubai, the emirate's first IPO since its financial crisis erupted in 2009, because of strong demand.
Emirates REIT will raise $175 million in the IPO, which was 3.5 times oversubscribed, by selling 128.68 million new shares, it said in a statement on Sunday. In addition, up to 19.30 million shares will be sold under over-allotment arrangements.
The offer was priced at $1.36 per share, at the bottom of an indicative range of $1.36-1.56. Shares have been sold to a broad base of institutional investors in the United Arab Emirates, the Gulf and Britain, the company said.
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