NBAD to manage three IPOs

The National Bank of Abu Dhabi has agreed to manage three initial public offerings (IPOs) later this year, a senior executive said.

"The bank has asked the Securities and Commodities Authority (SCA) to approve three IPOs in the last quarter," Securities Services Department Director Majdi Al Maaitah told Emirates Business.

He said the floats would be launched by businesses in the health and industrial sectors. The companies had decided not to issue shares at the moment and were waiting until market conditions improved.