Sunday, May 11, 2014
Dubai: Shuaa Capital has taken up all of the 19.20 million shares issued by Emirates Reit Ltd forming the over-allotment component from its recent initial public offering.
The over-allotment shares were bought at $1.36, the same price that was there for the earlier public float. “Emirates REIT has received the gross proceeds of $26.25 million [Dh96.3 million]’ for the new shares, bringing the total proceeds from the IPO to $201.25 million.
As of now, the total number of ordinary shares in issue is now 299.62 million.
On May 8, Emirates REIT’s share price closed at $1.47, an 8 per cent premium over the IPO price. The market capitalisation stands at $440.44 million following the over-allotment option, assuming a share price of $1.47.
Since listing, the shares have been trading at or above the issue price in the range of $1.36-1.5. Average daily volume of trading has been $1 million plus a day.
Staff Report
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