Dubai’s Marka Retail Start-up Spikes as Trading Starts - Middle East Real Time - WSJ:
"Shares of Marka, a brand-new retail and hospitality company in the United Arab Emirates, began trading at a huge premium to their initial public offering valuation on the Dubai Financial Market Thursday, underscoring both a revival of confidence and what could be a sign that this booming desert bourse is overheating again.
Marka raised about $75 million in the IPO despite not having significant assets or operations. Investors put in bids for 36 times the shares on offer, and the stock started trading Thursday at a premium of 77% above the 1 U.A.E. dirham ($0.27) issue price.
Investors are banking on Marka’s plan to open three retail stores in the U.A.E. early next year, entering a crowded local luxury-retailing market. Marka has agreements with six brands, including a line of shoes being introduced by Portuguese soccer star Cristiano Ronaldo, to market their products across the Arab Gulf."
'via Blog this'
No comments:
Post a Comment