Dubai Parks and Resorts’ Dhs2.5 billion ($689 million) initial public offer was many times oversubscribed, the entertainment and leisure company, which is building a $2.9 billion amusement park complex in the emirate, said on Monday.
The institutional tranche, which comprised 60 per cent of the offer, was 65 times oversubscribed at the close, Dubai Parks and Resorts said in an emailed statement. Interested investors included sovereign wealth funds Kuwait Investment Authority and Qatar Investment Authority, it said.
The remaining 40 per cent of shares were reserved for United Arab Emirates investors and this part was 10 times oversubscribed.
The UAE tranche comprised 10 per cent allocated to retail investors, which was 1.63 times oversubscribed; 25 per cent for wealthy individuals and institutions, nearly 14 times oversubscribed; and five per cent for the UAE government’s Emirates Investment Authority.
Dubai Parks and Resorts is to list its shares on the Dubai Financial Market on Wednesday. The company is part of Meraas Holding, owned by Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum.