EMIRATES NBD Capital Limited (EMCAP), the investment banking division of Emirates NBD PJSC, one of the largest banking groups in the Middle East by assets, has successfully completed its role in the landmark IPO of ENBD REIT, which admitted shares to trading on Nasdaq Dubai last March 23.
EMCAP acted as Listing Advisor to ENBD REIT, as well as Joint Global Coordinator and Joint Bookrunner. ENBD REIT successfully issued 94,594,595 ordinary shared at a price of $1.11 per share, which climbed to $1.17 (up 5.17%) on the first day of trading. The IPO was Dubai’s first since Dubai Parks & Resorts floated in December 2014, a transaction on which EMCAP was also Joint Global Coordinator and Joint Bookrunner.
EMCAP was financial adviser prior to the IPO process, working closely with Emirates NBD Asset Management, the REIT’s manager, on pre-IPO preparation, evaluation of options and transaction structuring before the decision was made to go ahead with an IPO. Subsequently, as Listing Advisor to ENBD REIT, EMCAP also had a key role in helping the issuer to adapt to the Dubai Financial Services Authority (DFSA) regulatory framework on re-domiciliation from the Channel Islands.
EMCAP’s role in the transaction was part of a wider, group-level involvement by Emirates NBD in the incorporation and listing of ENBD REIT. Emirates NBD Asset Management, a wholly-owned subsidiary of the Bank, is the fund manager for the REIT (previously Emirates Real Estate Fund). Meanwhile, in November 2016, the fund agreed a $190.6 million Shariah-compliant finance facility with Emirates NBD, on attractive commercial terms.
© The Saudi Gazette 2017
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