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ServeU to launch IPO in September - GM

ServeU to launch IPO in September - GM
The company's shares will be listed on the DFM
UPP
UPP
4.40% 0.43 0.02

Dubai – Mubasher: ServeU, Union Properties’ facilities management unit, is planning to launch an initial public offering (IPO) on the Dubai Financial Market (DFM) in September, the company’s general manager Gary Reader told Bloomberg News.

Reader did not reveal the offered stake nor its value, but he stressed that all the required governance measures have been taken prior to the share sale.

The UAE-based firm ServeU aims at increasing its workforce to 10,000 employees in the next two years and raising their revenues by 15%-20% in 2019, Reader added.

In December 2017, Union Properties unveiled a plan to offer the shares of ServeU in an IPO on the DFM in the second half of 2018.