Business | Investment

Big investors expected to join IPO this week

Subscriptions for the Gulf Navigation Holding's initial public offering (IPO), which will be listed on the Dubai Financial Market (DFM), may get a further boost amid expected high demand from big investors.

  • By Shakir Husain, Staff Reporter
  • Published: 00:00 August 5, 2006
  • Gulf News

Dubai: Subscriptions for the Gulf Navigation Holding's initial public offering (IPO), which will be listed on the Dubai Financial Market (DFM), may get a further boost amid expected high demand from big investors.

The Dh910-million IPO, which one source said has already been oversubscribed, will close on Monday.

So far it has been mainly retail investors who have applied to buy the corporation's 910 million ordinary shares, which represent 55 per cent of the company's total issued share capital.

Gulf Navigation Holding president Ghazi Al Ebrahim refused to reveal how much the issue has been oversubsribed by.

"The IPO has gone very well so far," he said. "Due to the company's strong fundamentals we had expected good response."

The marine transportation company's IPO is open to GCC nationals, companies, establishments and general firms under the federal and local governments.

Shuaa Capital is lead manager for the issue.

Receiving banks for the subscription in the UAE include National Bank of Abu Dhabi, Emirates Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates Financial Services, Finance House, First Gulf Bank, Mashreqbank, National Bank of Fujairah, Union National Bank and HSBC.

And, HSBC branches are also receiving subscribers in Qatar, Oman and Bahrain.

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