Dubai: CAPM Investment, a UAE-based investment banking and asset management firm, said on Wednesday that the subscription of Marka’s founders’ equity has concluded.
CAPM Investment is the financial advisor of Marka’s planned initial public offering (IPO).
Marka, a company that is still being formed, will operate in the fashion retailing and food and beverage sectors in the UAE. The plan is for 55 per cent of the company’s equity (275 million shares) to be offered to the public in an IPO at Dh1 per share on the Dubai Financial Market (DFM). The remaining 45 per cent, or the equivalent of Dh225 million (225 million shares), will be subscribed by the founders.
“In the coming days, we will work on obtaining final regulatory approvals for issuing 275 million shares in an IPO,” said Jamal Al Hai, Executive Senior Vice-President of Dubai Airports and Chairman of the Founders Committee of Marka, in a statement.
Al Hai previously said that Marka’s IPO marks a new beginning for the UAE IPO market. There have been no IPOs on the DFM since the listing of construction firm Drake and Scull in 2009.