The total offering size is expected to be between Dh1,739 million and Dh1,788 million
Dubai Holding announced the offer price range per unit and the start of the subscription period for the initial public offering (IPO) of Dubai Residential REIT.
The offer price range has been set at between Dh1.07 and Dh1.10 per offer unit. A total of 1,625,000,000 units, representing 12.5 per cent of Dubai Residential REIT’s issued unit capital is being offered by DHAM Investments LLC.
DHAM Investments – the subsidiary of Dubai Holding – is currently the sole unitholder of Dubai Residential REIT.
The total offering size is expected to be between Dh1,739 million and Dh1,788 million, implying a market capitalisation at listing of between Dh13.9 billion and Dh14.3 billion.
The IPO will be in the form of its subsidiary DHAM REIT Management LLC. The REIT is a Shariah-compliant income-generating closed-ended real estate investment fund under establishment and one of the largest owners and operators of residential real estate in Dubai.
Subscription process
Dubai Residential REIT’s offering consists of two tranches:
- The first tranche, the UAE retail offer, is allocated 10 per cent of the offer units, representing 162,500,000 units, and is open to retail investors and eligible entities holding a National Investor Number (NIN) with the DFM
- The second tranche, the institutional offering, is allocated 90 per cent of the offer units, representing 1,462,500,000 units, and is open to qualified institutional investors (“professional investors”) outside the United States under Regulation S, subject to applicable UAE laws and SCA approval.
Each successful subscriber in the first tranche will be guaranteed a minimum allocation of 2,000 units, provided that the total number of units issued under the minimum guaranteed allocation does not exceed the tranche size and remains within the limits and conditions set out in the prospectus.
Investors in both tranches can subscribe to the offering from today, May 13 to May 20. The final offer price will be determined through a book-building process conducted in consultation with the Joint Global Coordinators, the Fund Manager and the Selling Unitholder, and is expected to be announced on May 21.
The completion of the offering and admission of units to trading on the DFM is expected to take place on or around May 28. The units are expected to trade under the symbol “DUBAIRESI”.
The details of the offering are available in the prospectus and public subscription announcement, and in an English-language international offering memorandum, all available at the official website.
Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Morgan Stanley & Co. International plc have been appointed as joint global coordinators and joint bookrunners.
Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Commercial Bank PJSC, Arqaam Capital Limited acting in conjunction with Arqaam Securities LLC, and First Abu Dhabi Bank PJSC are acting as joint bookrunners for the offering.
IPO timeline
- Close of book building: May 20
- Final offer price announcement: May 21
- Allocation of offer units to the first tranche: May 26
- Refunds: May 26
- First day of trading: May 28
स्रोत: खलीज टाइम
Published: 13 May 2025
