The price range for the shares and the beginning of the subscription period for the initial public offering on the Abu Dhabi Securities Exchange were announced today by Burjeel Holding Company.
The subscription period for the first tranche (individual investors and other investors in the UAE) and the second tranche is open today, September 30, 2022, and lasts until Tuesday, October 4, 2022, respectively (professional investors).
The offering’s pricing range was established between 2. 00 and 2.
The market valuation of the company will be between 2. 7 billion and 3. 3 billion dollars, or 45 dirhams per share.
On Wednesday, October 5, 2022, the final offering price is anticipated to be disclosed. On Monday, October 10, 2022, the shares are anticipated to be listed and begin trading on the Abu Dhabi Securities Exchange.
According to the applicable laws and with the approval of the Securities and Commodities Authority in the UAE, the selling shareholder anticipates selling 350,331,555 shares, or 7% of the company’s issued capital. However, the selling shareholders retain the right to change the size of the offering and the size of each tranche at any time before the end of the subscription period.
The offering also comprises 200,397,665 new shares that the business will issue, which accounts for 4% of its outstanding capital. If all the shares are sold, the sale will be worth between $300 million and $368 million.
According to market conditions and subject to receiving all necessary regulatory approvals in the UAE, including approval for listing and trading on the Abu Dhabi Securities Exchange, the offering and listing of the shares are anticipated to be completed on October 10, 2022. The final offer price will be established through an order building process and will be announced on October 5, 2022.
On October 8, 2022, subscribers of the first tranche whose subscription applications have been approved will get a notification of allotment; excess payments will then be refunded beginning on October 10, 2022.
UAE’s “Berjeel” declares the stock’s price range and the beginning of the subscription period today.
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