Burjeel Holdings announced today the offer price range and the start of the subscription period for its IPO on the Abu Dhabi Securities Exchange (ADX).
The Offering’s subscription period begins today, September 30, 2022, and will run until Tuesday, October 4, 2022, for the First Tranche (offering to individual subscribers and other investors in the UAE, (the UAE Retail Offering) and the Second Tranche (Professional Investors).
The price range for the Offering has been set between AED2.00 to AED2.45 per share, implying an equity value of $2.7 billion to $3.3 billion.
The final offer price is expected to be announced on Wednesday 5th October 2022. Listing of the shares to trading on ADX is expected on Monday 10th October 2022.
The Selling Shareholder expects to sell 350,331,555 shares, representing 7% of the Company’s issued share capital, with the Selling Shareholder reserving the right to change the size of the Offering and the size of any Tranche at any time before the subscription period ends, subject to applicable laws and the Securities and Commodities Authority’s approval (SCA).
The Offering also comprises the issuance of 200,397,665 additional shares by the Company, representing 4% of the Company’s issued share capital.
Assuming all the shares offered are sold, the size of the Offering will be approximately $300 million to $368 million.
The final offer price will be set through a book-building process and disclosed on October 5th, 2022. The offering and listing are planned to be completed on October 10, 2022, subject to market circumstances and the receipt of relevant regulatory approvals in the UAE, including authority to list and trade on ADX.
The notification of allotment to First Tranche Subscribers will be given on October 8, 2022, and the return of surplus investments and distribution of allotment letters will begin on October 10, 2022.
