Amanat Holdings, a new UAE company formed to invest in education and healthcare businesses, said on Saturday its Dh1.375 billion ($270 million) initial public offering was oversubscribed.

The company said in an emailed statement that it collected more than Dh13.6 billion ($3.7 billion) in its 16-day IPO, and that shares have been allocated proportionately to subscribers. It will list on the Dubai Financial Market in late November, it said.

Amanat was set up by local and international investors to take advantage of the growing education and healthcare markets in the UAE and other Gulf states, it said.

Dubai's main share index, the, closed at 4,4406 points on Friday, up 33.71 per cent since the start of the year.-Reuters