Mubasher: EFG Hermes concluded its advisory on ENBD REIT’s $105 million initial public offering (IPO) on Nasdaq Dubai, according to a statement.

Trading began on a total of 254.4 million shares, including the 94.59 million issued in the IPO that represent 34.3% of the company’s issued share capital.

ENBD REIT’s market capitalisation at admission totalled $282.4 million.

The net proceeds will be used to finance acquisitions of high quality, income-generating real estate assets, and improve existing properties as part of its active asset management strategy.

EFG Hermes was a joint global coordinator and bookrunner on the transaction, in coordination with Emirates NBD Capital.

EFG Hermes added 1.88% to reach EGP 26 by 10:37am Egypt time, trading 828,030 shares worth EGP 21.46 million.

The bank’s stock fell 0.37% to AED 8.2 by 10:37am UAE time, generating AED 1.32 million from the exchange of 161,500 shares.