Dubai’s Emirates Reit Sets IPO Price Range At $1.36-1.56

Dubai-based real estate investment trust Emirates Reit said on Sunday that it set the price range for its initial public offer of shares at $1.36 to $1.56 per share, and expects the listing on Nasdaq Dubai to occur around the middle of April.

The company, valued at between $356.2 million and $408.6 million, will issue as many as 110.3 million new shares with an over-allotment option of 16.5 million additional shares, it said in an emailed statement.

An investor roadshow for the IPO, which is expected to be Dubai’s first since its financial crisis erupted in 2009, will run from March 23 to April 2; trading of the shares on the Nasdaq Dubai bourse is expected to start sometime in the following week, the company added.

The REIT, which manages assets ranging from school buildings to business towers and retail space, distributed dividends of $5 per share for the 12-month period to December 31, 2012 compared to $2.55 for 2011.

Dubai Islamic Bank owns 30.9 per cent of the firm, two units of the Dubai Holding conglomerate own a combined 27.1 per cent, Emirates NBD owns 4.5 per cent, Egyptian investment bank EFG-Hermes has 4.2 per cent and Dubai property developer Deyaar has 3.4 per cent.