Emirates REIT’s IPO 3.5 times oversubscribed
Dubai-based real estate investment trust, Emirates REIT has said it has expanded the size of its initial public offer of shares on NASDAQ Dubai, the emirate’s first IPO since its financial crisis erupted in 2009, due to strong demand, Reuters has reported. Emirates REIT will raise $175m in the IPO, which was 3.5 times oversubscribed, by selling 128.68m new shares, it said. In addition, up to 19.30 million shares will be sold under over-allotment arrangements, it added. The REIT, which manages assets ranging from school buildings to business towers and retail space, had assets worth $333m at the end of last year, up from $213m at the end of 2012.