The institutional tranche of Dubai Parks and Resorts’ $689 million public share sale is fully subscribed, the company said on Thursday, a week before the offer closes.
Dubai Parks and Resorts is part of the government-owned Meraas investment group and plans to build a $2.9 billion amusement park complex in the emirate.
It aims to sell 2.53 billion shares, or 40 per cent of its outstanding shares, between Nov. 17 and Nov. 30 at a price of Dhs1 each. Of the total, 60 per cent are reserved for institutions; this tranche closes on Nov. 27.
“Dubai Parks and Resorts has received expressed interest from a number of qualified investors to subscribe for shares which exceed the total number of shares allocated for the Qualified Institutional Tranche,” the company said in an emailed statement.
Ten per cent of the offer will be allocated to retail investors and 25 per cent to wealthy individuals wishing to buy a minimum of five million shares each. The remaining five per cent is reserved for the United Arab Emirates government’s Emirates Investment Authority.