New UAE retailer plans IPO in five years
UAE-based investment banking and asset management firm, CAPM Investment has said it plans to arrange for a new retailer to conduct the first initial public offer of shares on Dubai’s main stock market in five years, Reuters has reported. The company, named Marka, is still in the process of being formed. It will operate in the UAE’s fashion retailing and food and beverage sectors; it’s over 100 founders include prominent local businessmen and investors, CAPM said. Fifty-five percent of the company’s equity, or 275 million shares, will be offered to the public in the IPO at Dhs1 per share on the Dubai Financial Market, CAPM said. That suggests the IPO would raise $75m.