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Emirates REIT jumps 9% on 1st day in Nasdaq Dubai

Emirates REIT jumps 9% on 1st day in Nasdaq Dubai
Emirates REIT
REIT
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Emirates REIT (CEIC) Limited Emirates (REIT), the first Shari'a-compliant regulated real estate investment trust incorporated in the Dubai International Financial Centre (DIFC), achieved remarkable increase in its first day of trading in Nasdaq Dubai.
REIT stock jumped 8.8% to $ 1.48, compared with its offering price of $ 1.36 per share. REIT announced that its ordinary shares have been admitted to the Official List of Securities of the Dubai Financial Services Authority (DFSA) and admitted to trading on Nasdaq Dubai under the ticker symbol ‘REIT’, Emirates 24/7 reported..
The admission follows a successful international IPO which was 3.5 times over-subscribed. Shares have been placed with a broad base of institutional investors in the UAE, the wider GCC and the UK.
Emirates REIT priced 128,676,471 new ordinary shares at $1.36 per share, raising gross proceeds of approximately $175 million (excluding the exercise of the over-allotment arrangements of up to 19,301,470 additional shares).
Based on the offer price and the total number of shares in issue, Emirates REIT will have a market capitalization of approximately $381.2 million and a free float of 46 per cent.
For the year ended 31 December 2013, Emirates REIT had profit and total comprehensive income of US$34.8 million, up from US$10.9 million for the year ended 31 December 2012 and US$1.2 million for the 13 month period ended 31 December 2011.
Emirates REIT's total assets were US$333.2 million as at 31 December 2013 up from US$212.6 million at the end of 2012 and US$70.5 million at the end of 2011. As at 31 December 2013 Emirates REIT's net asset value per share had risen to US$137.80 from US$114.25 on 31 December 2012 and from US$105.27 on 31 December 2011.