Abu Dhabi-based Eshraq Properties Co, a real-estate firm backed by Saudi and UAE investors, yesterday said it will launch an initial public offering for 55% of its shares, in what would be the first IPO of a UAE real-estate company in years.
The IPO aims to raise 825mn UAE dirhams ($225mn) and the new shares will be listed on the Abu Dhabi Securities Exchange about two months from the subscription period, which begins May 1, according to Eshraq managing director Sulaiman al-Dhalaan.
“We don’t have any loans, we are grade A,” al-Dhalaan told Zawya Dow Jones in an interview at the Cityscape exhibition in Abu Dhabi. Royal Capital is lead manager on the IPO, while National Bank of Abu Dhabi is lead agent.
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