The final price of the Dubai Residential REIT offering was set at 1.10 dirhams (39 cents) per unit, the top end of the marketed range, implying a market capitalization of US$3.9 billion, according to a statement.
Dubai Holding attracted US$15 billion ($19.34 billion) in orders for the US$584 million initial public offering of its residential real estate investment trust, the latest sign of investor interest in the city’s booming property market.
The investment firm owned by the emirate’s ruler boosted the size of the offer earlier this week and had demand for all shares within minutes of opening books on the deal. Dubai Residential REIT’s listing will be the city’s first IPO of the year.
