Dubai Parks and Resorts PJSC (under incorporation) (“Dubai Parks and Resorts”), a subsidiary of Meraas Holding LLC, announces the successful closing of the UAE tranche of its Initial Public Offering (“IPO”). As announced on 28 November 2014, the Qualified Institutional Tranche of the IPO was also successfully closed.
The UAE tranche will comprise 40% of the shares on offer in the AED 2.5 billion IPO, with the remaining 60% having been allocated to the Qualified Institutional Tranche. The UAE tranche order book was oversubscribed multiple times at the offer price of AED 1.00 per share (plus expenses of AED 0.01). Dubai Parks and Resorts’ shares are expected to be listed on the Dubai Financial Market on 10 December 2014.
Raed Al Nuaimi, CEO of Dubai Parks and Resorts said, “The strong response we have seen from retail investors to our IPO is a testament to the ambition of what we are building: a premier year-round global entertainment destination which will attract visitors from around the world to Dubai. I think our project has captured the imagination of UAE investors, who have clearly demonstrated their conviction in supporting what will become an important element of Dubai’s 2020 tourist strategy. We look forward to welcoming our retail investors on board.”