Dubai Property Developer Sobha Plans IPO Even as Prices Decline - Bloomberg:
Property developer Sobha LLC is planning an initial public offering of its United Arab Emirates business in 2022 even as a slump in prices weighs on developers in its Dubai base.
The company will wait to meet profitability projections before making a final decision on the IPO, founder P.N.C. Menon said in an interview. It hasn’t decided where to list the shares.
Sobha expects revenue to jump to about 2 billion dirhams ($545 million) this year from 620 million dirhams in 2018 as it hands over more homes in its Sobha Hartland development, Menon said. About 6,000 homes will be delivered at the $4 billion project over the next six years.
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