Eshraq’s IPO raises USD225m

14 May 2011

(MENAFN) The Abu Dhabi-based Eshraq was able to secure USD225 million in an initial public offering (IPO), and thus the company accomplished its IPO’s pre-set target, reported Reuters.

According to commercial bank involved in the IPO, the offering was very popular and got oversubscribed, enabling the company to hit its target.

This IPO was considered a milestone in the UAE as it is the first one for a real estate company in the country after the global financial crisis hit the world three years ago.

It is worth noting that Eshraq offered 825 million shares in the IPO. The company plans to be listed in the Abu Dhabi Stock Exchange.

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