- ABU DHABI: UAE property firm Eshraq will launch its planned initial public offering worth $224 million in May, a company official said.
“It will be launched in the beginning of May,” said Eshraq managing director Sulaiman Al-Dhalaan.
An Abu Dhabi-based banker said the IPO would be on launched on May 1.
Eshraq has a total capital of AED1.5 billion ($408.5 million) and will be selling a 55 percent percent stake amounting to 825 million shares.
The IPO will be listed on the Abu Dhabi stock exchange.
National Bank of Abu Dhabi is one of the lead banks for the IPO.
This is the third IPO coming out of Abu Dhabi this year after insurance companies Wataniya and Insurance House tapped the market earlier.