UAE bourse regulator backtracks on greenfield public offerings | The National:
"The UAE stock market regulator has reversed its opposition to greenfield IPOs and provided exemptions in a bid to win back any local companies considering a listing abroad, analysts and investors say.
Until this year, the UAE Securities and Commodities Authority’s (SCA) regulatory framework for initial public offerings was quite restrictive and even dissuaded some companies from looking to raise cash from local equity markets.
“You have to raise 55 per cent and companies end up with a massive capital base that is exaggerated,” said Majd Maaiteh, the head of securities at National Bank of Abu Dhabi. “For founder shareholders, there’s no option to exit or cash out.”
A greenfield IPO is the process of raising cash to list a company that is neither in operation nor has a track record, as a shell or holding firm to then acquire existing businesses."
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