Al Habtoor Group, a family-owned Dubai conglomerate, is looking to raise as much as $1.6 billion in an initial public offering on the Nasdaq Dubai bourse next year, it said on Sunday.
The company, whose portfolio spans hospitality, construction, education and automotives, plans to issue new shares worth 25 percent of its capital as part of the listing. It has hired Grant Thornton as financial advisor for the planned IPO, Khalaf Al Habtoor, chairman of the group told Reuters.
The Dubai-based company is one of the UAE's biggest family businesses and a potential stock market float from the group is seen as a boost to local equity markets which has struggled to attract new companies post the global financial crisis.
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