(MENAFN-Khaleej Times) Marka has begun receiving equity contributions from its founders soon after it received preliminary approval from the Securities and Commodities Authority in the UAE
CAPM Investment, the financial advisor and lead manager of Marka’s proposed initial public offering, or IPO, announced that Marka has begun receiving equity contributions from its founders soon after it received preliminary approval from the Securities and Commodities Authority in the UAE.
It is planned that the founders will subscribe to 45 per cent of the company’s equity, or the equivalent of Dh225 million (225 million shares) within the next few days. The remaining 55 per cent equity (275 million shares) will then be offered to the public in an IPO at the same price of Dh1 per share.
Mahdi Mattar, chief executive officer of CAPM Investment, a subsidiary of Finance House, noted that Marka’s founders are an elite group of UAE nationals, including VIPs, businessmen and investors, along with a select group of non-local investors.
“The 100-plus founders have high confidence in the new operations to be rolled out by Marka, which are expected to significantly benefit from the attractive growth prospects of the fashion retail and F&B [food and beverage] sectors in the UAE, in particular, and the GCC in general,” Mattar said.
He anticipates that the process of founders’ equity subscription in Marka’s capital will be completed within the next few days, to be followed by securing final approvals for the launch of the IPO in the coming weeks. Marka, which plans to list its shares on the Dubai Financial Market, will be the first IPO on the DFM in more than five years, as well as the first IPO in the UAE of a firm exclusively focused on the fashion retail and F&B sectors.
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