Eshraq Properties Co. PJSC plans to raise 825 million dirhams ($225 million) in the first initial public offering by a United Arab Emirates real-estate developer since 2007.
The company plans to sell a 55 percent stake during an offer period from May 1 to May 11 that’s open only to nationals of the six-member Gulf Cooperation Council countries. A total of 825 million shares will be offered at 1 dirham each, plus two fils for administrative costs, Eshraq said in a statement today.
The last U.A.E. developer to hold an initial public offering was Dubai’s Deyaar Development (DEYAAR) PJSC in September 2007. About a year later, the global credit crisis sparked a slump in property prices as speculators were driven from the market and banks cut lending.
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