Dubai, UAE – 19 April 2014 – Khalid Almheiri, Deputy Chairman of the Founders Committee of Marka, a public joint stock company under incorporation with a capital of AED500 million, revealed that the subscriptions to Marka’s IPO on its first week have surpassed initial expectations.
The huge turnout reflects the investors’ confidence on the high growth potential of Marka and the company’s capabilities to rapidly establish itself as the first public shareholding company that will operate in the retail and F&B sectors, two of the fastest growing sectors in the UAE and the region.
Almheiri said demand for the offered shares has continued to increase over the last few days. He said the company expects the subscription will peak this week, with the participation from big individual or institutional investors, as the IPO closes on Thursday, April 24.
He said the founders will notify the subscribers of their share allocation and will start the refunds on May 8, 2014.
Almheiri added: “Marka Founders Committee will closely work with CAPM Investment, as its financial advisor and lead IPO manager, and National Bank of Abu Dhabi, the lead receiving bank, to ensure the completion of the subscription and allocation of shares in order to refund the over-subscribed amount quickly and efficiently, including the offering cost.
“Subscribers will be notified in writing of the allocation of their shares, and the excess amounts will be refunded by manager’s check from the bank through which subscription was done, or through bank transfer to the subscriber’s account in the subscription Bank, or through the iVESTOR card if used for subscription.”
Dr. Mahdi Mattar, CEO, CAPM Investment, said: ” The Marka IPO has set new standards in the ease of subscribing in new issues. In addition to a multiple range of receiving banks, the DFM “eIPO” platform has proved to be very popular and successful. We are pleased to be the first issuer to use this platform, a sophisticated and efficient solution for IPO subscription directly linked with the receiving banks. “
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