Emirates NBD Capital (Emcap), the investment banking division of Emirates NBD, has completed its role in the landmark IPO of ENBD REIT, which recently admitted shares to trading on Nasdaq Dubai.

Emcap acted as listing advisor to ENBD REIT, as well as joint global coordinator and joint bookrunner. ENBD REIT successfully issued 94,594,595 ordinary shared at a price of $1.11 per share, which climbed to $1.17 (up 5.17 per cent) on the first day of trading. The IPO was Dubai’s first since Dubai Parks & Resorts floated in December 2014, a transaction on which Emcap was also joint global coordinator and joint bookrunner.

ENBD REIT’s offer was well over-subscribed with commitments from a mix of investors representing both financial institutions and family offices across the GCC. The transaction was successful in balancing the holdings of existing and incoming investors. The final offer price of $1.11 per share was equivalent to a 7.5 per cent discount on net asset valuation (NAV).
    
Ahmed Al Qassim, CEO of Investment Banking at Emcap, said: “The success of ENBD REIT’s listing reinforces our position as the UAE’s top IPO investment bank for listings on Nasdaq Dubai and DFM. We’ve consistently played a leading role in recent IPOs, providing our clients with best-in-class advisory and unparalleled investor coverage. The strong demand experienced by ENBD REIT’s offer was a clear testament to the appetite that exists for such strong equity stories.”

Emcap was financial adviser prior to the IPO process, working closely with Emirates NBD Asset Management, the REIT’s manager, on pre-IPO preparation, evaluation of options and transaction structuring before the decision was made to go ahead with an IPO.

Subsequently, as listing advisor to ENBD REIT, Emcap also had a key role in helping the issuer to adapt to the Dubai Financial Services Authority (DFSA) regulatory framework on re-domiciliation from the Channel Islands. – TradeArabia News Service