US$40bn book puts Gulf on the map

摘要

A staggering US$40bn of orders at the maximum price for one Dubai IPO has been a clarion call for the Middle East to play a more central role in EMEA ECM. Two more significant IPOs from the region have joined the pipeline and are well positioned to capitalise on the strong bid. Emaar malls croup, the malls division of Dubai's flagship property firm Emaar Properties, priced its Dh5.8bn (US$1.58bn) IPO on September 26 with a book that was 30 times subscribed on the institutional tranche alone, having attracted orders from top fund managers in the US, Europe and Asia.