Dubai: Investors in the UAE have been piling up on cash to take part in Dubai’s biggest initial public offering since 2008.
Emaar Properties Unit’s $1.4 billion IPO will start subscription on September 14 and will list on Dubai’s main stock market on October 2. The share sale is touted to be one of the biggest after the credit crises of 2008, when many companies were forced to restructure debts and stall projects.
Customers of the Emirates NBD can subscribe to the IPO from Sunday easily by going to any of its ATM.
To purchase shares on the ATM, the client needs to be a customer of the Emirates NBD, and also possess the unique number issued by the Dubai Financial Market, also called as the National Investor Number (NIN). A minimum investment of Dh10,000 is required to subscribe to the IPO.
Once an investor goes to an ATM, he needs to swipe the card, and enter the investor number, and subscription amount starting from Dh10,000 and multiples of Dh1,000, and confirm the investor number again and submit the request.
Customers can also apply for family members and friends, thus avoiding delays and queuing in branches.
Other good old way is to meet someone in the bank, with the original copy of identification, account number and investor number.
Clients of the Emirates NBD, National Bank of Abu Dhabi, Dubai Islamic Bank, Mashreq, First Gulf Bank, Union National Bank, Emirates Islamic can go to the respective branches and apply for the IPO.
Another method of subscribing to the IPO is through the electronic IPO platform.
The investor should compulsorily have the Ivestor card to subscribe electronically. The value of subscription of the IPO will be directly deducted from the Ivestor account.
Among other things, an Ivestor card has multiple of uses including getting the dividend cheques and getting to vote for general meetings of the companies.