Banks in the UAE are going to score big with Dubai's new IPOs, starting with DEWA. Image Credit: Supplied

Dubai: An IPO bonanza is awaiting banks in the UAE. Mashreq Bank will be offering retail customers the opportunity to subscribe to upcoming IPOs on Dubai Financial Market (DFM) through its mobile banking app and online banking platform.

The initiative comes as Dubai prepares to list 10 government-owned companies on the DFM, with the aim of expanding the financial market’s capitalization to Dh3 trillion.

Ahmed Abdelaal Group CEO, Mashreq Bank, said: “These are exciting times for Dubai Financial Market, with multiple developments coming together to create a favorable atmosphere for IPOs and a host of A-grade offerings in the pipeline. Our digital banking proposition will not only offer a seamless digital experience to customers who are looking to subscribe to any future IPOs, but will also facilitate in expanding the offering to the widest base of potential subscribers.”

The digital platform allows for real-time subscription payments for Mashreq’s retail customers. Mashreq has also initiated a leveraging scheme for interested customers to enhance their allocation chances.

Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “DFM’s ultimate objective is to put market services at the fingertips of investors so that they can seamlessly participate in the upcoming IPOs anytime anywhere.”