Emirates NBD Says 50% Of Emaar Malls IPO Subscribers Opt For Digital Channels

Emirates NBD, one of the lead receiving banks for the Emaar Malls IPO, revealed that over 50 per cent of its retail subscriptions came via its ATM and online banking channels.

The bank has received 5,600 applications from individual investors in total so far, of which 2,900 have come via its ATM and newly launched eIPO platform.

Emirates NBD’s eIPO platform was available for customers from the launch date of the Emaar Malls IPO on September 14 until the subscription closing date on September 24, 2014.

The bank’s customers were able to subscribe to the IPO using their debit cards and National Investor Number (NIN) and were also allowed to apply for family members and friends.

Abdulla Qassem, Group COO, Emirates NBD said: “We are extremely delighted that the facilitation of the electronic platform was well received by our thousands of customers, who took advantage of the highly user-friendly and simple process of digital subscription.”

The Emaar Malls IPO, which is open to subscriptions from institutional investors until September 25, has proved to be extremely popular among investors.

Strong demand has seen the retail tranche subscribed 20 times and the institutional tranche subscribed 7.5 times, sources told Reuters.

The flotation is also likely to be priced at Dhs2.90 per share, the top of its range, giving the unit a value of Dhs37.7 billion ($10.26 billion), the report said.