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Marka IPO receives overwhelming response

Marka IPO receives overwhelming response
Marka’s first IPO on the Dubai Financial Market (DFM) since 2009 on Sunday has been very good, according to Gulf News.

The public joint-stock company, under incorporation with a capital of Dh500 million, is planning to raise Dh275 million or 55 per cent of the company shares at a price of Dh1 per share plus a subscription fee of three fils per share.

Mahdi Mattar, CEO of CAPM Investment, the lead adviser, told Gulf News that the response has been very good since it is the first day of the offering.

“We are getting a lot of queries from investors across the board. The receiving banks have already allocated work groups within their branches to meet the expected large turnouts and in order to avoid long queues. We expect the demand to increase over the next few days given that large institutional investors subscribe in the later part of the subscription period,” he said.