Dubai: Shuaa Capital has exercised the over-allotment option for 19.20 million shares issued by Emirates Reit Ltd. 

The over-allotted shares were pre-allocated to subscribers in the issue during the initial allocation of the offering on April 3, 2014.

The over-allotment shares were bought at $1.36, the same price that was there for the earlier public float.

“Emirates REIT has received the gross proceeds of $26.25 million [Dh96.3 million]’ for the new shares, bringing the total proceeds from the IPO to $201.25 million.

As of now, the total number of ordinary shares in issue is now 299.62 million.

On May 8, Emirates REIT’s share price closed at $1.47, an 8 per cent premium over the IPO price. The market capitalisation stands at $440.44 million following the over-allotment option, assuming a share price of $1.47.

Since listing, the shares have been trading at or above the issue price in the range of $1.36-1.5. Average daily volume of trading has been $1 million plus a day.