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Jeddah - Yasmine El Tohamy - Dubai: Toll operator Salik raised 3.73 billion dirhams ($1.017 billion) in an initial public offering on the Dubai Financial Market, according to a statement.
The IPO was oversubscribed 49 times across all tranches, with gross demand totaling 184.2 billion dirhams. Its offering price was 2 dirhams per share, giving it a valuation of 15 billion dirhams.
In comparison to the previously announced 1.5 billion shares, equivalent to 20 percent, the government has sold more than 1.86 billion shares of the company or 24.9 percent.
There were 149.5 billion dirhams in demand from across the globe for the qualified investor tranche, which was oversubscribed by 52 times.
It was 119 times oversubscribed by local investors, attracting more than 34.7 billion dirhams.
Among the cornerstone investors are the UAE Strategic Investment Fund, Dubai Holding, Shamal Holding, and Abu Dhabi Pension Fund, which have committed 606 million dirhams, representing 16.2 percent of the offering.
After listing, Cornerstone Investors’ shares are subject to a 180-day lock-up.
The Dubai government retains 75.1 percent of Salik’s existing share capital, which will be listed on the Dubai stock exchange on Sept. 29 under “SALIK.”
Nutresa stake offered at $2bn by Abu Dhabi royal firm
International Holding Co., based in Abu Dhabi, has offered to buy a stake in Colombian food processing conglomerate Grupo Nutresa SA for up to 7.89 billion dirhams.
Jaime Gilinski, a Colombian banker, previously partnered with International Holding Co. in an attempt to acquire Nutresa, according to Bloomberg.
In a request to tender, IHC has offered to buy 25 percent to 31.25 percent of the Colombian company for $15 per share.
In terms of market value, IHC is the UAE’s largest company and is headed by Sheikh Tahnoon Bin Zayed Al Nahyan, who is the UAE’s national security adviser and the president’s brother.
Bloomberg reported Gilinski eventually turned down Nutresa’s offer, due to a credit agreement with First Abu Dhabi Bank, which is also led by Sheikh Tahnoon.
“Nutresa’s depositary receipts closed at $10 on Tuesday. Its shares closed at 36980.00 pesos ($8.36), valuing the company at about $3.83 billion,” Bloomberg said.
Rothschild moves Hong Kong banker to Dubai amid IPO boom
To capture a bigger share of the growing Middle East initial public offering market, Rothschild & Co. is moving its head of equity advisory to Dubai, according to Bloomberg.
Finlay Wright will relocate from Hong Kong later this year, people familiar with the matter said, asking not to be identified because the information is not yet public.
They said he would be responsible for both public and private equity capital markets in the Middle East and Asia.
Rothschild representatives did not immediately respond to requests for comment.
Rothschild is advising the Middle East’s operator of KFC and Pizza Hut restaurants on its dual listing in Abu Dhabi and Riyadh this year.
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