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Dubai / Emirates Business
Emirates NBD Capital Limited (EMCAP), the investment banking division of Emirates NBD PJSC, one of the largest banking groups in the Middle East by assets, has successfully completed its role in the landmark IPO of ENBD REIT, which admitted shares to trading on Nasdaq Dubai on March 23.
EMCAP acted as Listing Advisor to ENBD REIT, as well as Joint Global Coordinator and Joint Bookrunner. ENBD REIT successfully issued 94,594,595 ordinary shared at a price of US$ 1.11 per share, which climbed to US$ 1.17 (up 5.17%) on the first day of trading. The IPO was Dubai’s first since Dubai Parks & Resorts floated in December 2014, a transaction on which EMCAP was also Joint Global Coordinator and Joint Bookrunner.
ENBD REIT’s offer was well over-subscribed with commitments from a mix of investors
representing both financial institutions and family offices across the GCC. The transaction was successful in balancing the holdings of existing and incoming investors. The final offer price of US$ 1.11 per share was equivalent to a 7.5% discount on net asset valuation (NAV).