Fri 30-09-2022 08:38 AM
ABU DHABI, 30th September, 2022 (WAM) — Burjeel Holdings today announced the offer price range and the opening of the subscription period for its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
The opening of the subscription period for the Offering commences today, 30th September 2022, and will continue until Tuesday 4th October 2022 for the First Tranche (offering to individual subscribers and other investors in the UAE, (the UAE Retail Offering) and the Second Tranche (Professional Investors).
The price range for the Offering has been set between AED2.00 to AED2.45 per share, implying an equity value of $2.7 billion to $3.3 billion.
The final offer price is expected to be announced on Wednesday 5th October 2022. Listing of the shares to trading on ADX is expected on Monday 10th October 2022.
The Selling Shareholder expects to sell 350,331,555 shares representing 7 percent of the Company’s issued share capital, with the Selling Shareholder reserving the right to amend the size of the Offering and the size of any Tranche at any time before the end of the subscription period, subject to applicable laws and the approval of the Securities and Commodities Authority (SCA).
The Offering also includes 200,397,665 new shares to be issued by the Company, representing 4 percent of the Company’s issued share capital.
Assuming all the shares offered are sold, the size of the Offering will be approximately $300 million to $368 million.
The final offer price will be determined through a book-building process and is expected to be announced on 5th October 2022. The Offering and Listing is expected to be completed on 10th October 2022 subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval to Listing and Trading on ADX.
Allotment notification to First Tranche Subscribers will be sent on 8th October 2022 and refund of surplus investments and dispatch of allotment letters will commence from 10th October 2022.
WAM/Rola Alghoul/Esraa Ismail