Dubai Ranks of IPO Hopefuls Grow With Shuaa Plans for Two Listings - Bloomberg
Shuaa Capital PSC, which oversees around $14 billion in assets, is considering initial public offerings of two of its portfolio companies as Dubai’s efforts to revive its stock market gain traction among private businesses, according to people familiar with the matter.
The investment bank and asset manager has been in talks with the Dubai Financial Market about listing Stanford Marine Group and NCM Investment, the people said, asking not to be named because the information is confidential.
Shuaa is targeting early next year to list the two businesses and is in talks to hire investment banks as bookrunners, the people said. Combined, the two assets have a value of about 2 billion dirhams ($545 million), they said.
Dubai said earlier this month that it wants to sell shares in utility Dubai Electricity & Water Authority as the first of 10 state entities to go public. The government is also encouraging private and family-owned businesses to follow suit. Information technology firm StarLink already pledged to go public early next year.
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