Dubai: Khalid Almheiri, Deputy Chairman of the Founders Committee of Marka, a public joint stock company under incorporation with a capital of Dh500 million, said that subscricptions to Marka’s IPO on its first week have surpassed initial expectations.
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.
Refund
“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,” Almheiri said.
“Subscribers will be notified in writing of the allocation of their shares, and the excess amounts will be refunded by manager’s cheque 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.”
