December 8, 2014 / 9:05 AM / in 5 years

Dubai Parks and Resorts says IPO many times oversubscribed

DUBAI Dec 8 (Reuters) - Dubai Parks and Resorts’ 2.5 billion dirham ($689 million) initial public offer was many times oversubscribed, the entertainment and leisure company, which is building a $2.9 billion amusement park complex in the emirate, said on Monday.

The institutional tranche, which comprised 60 percent of the offer, was 65 times oversubscribed at the close, Dubai Parks and Resorts said in an emailed statement. Interested investors included sovereign wealth funds Kuwait Investment Authority and Qatar Investment Authority, it said.

The remaining 40 percent of shares were reserved for United Arab Emirates investors and this part was 10 times oversubscribed.

The UAE tranche comprised 10 percent allocated to retail investors, which was 1.63 times oversubscribed; 25 percent for wealthy individuals and institutions, nearly 14 times oversubscribed; and 5 percent for the UAE government’s Emirates Investment Authority.

Dubai Parks and Resorts is to list its shares on the Dubai Financial Market on Wednesday. The company is part of Meraas Holding, owned by Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum.

$1 = 3.6729 UAE dirhams Reporting by Matt Smith; Editing by Andrew Torchia

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