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Shuaa Capital eyes IPOs for two subsidiaries

Shuaa Capital eyes IPOs for two subsidiaries
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Dubai – Mubasher: Shuaa Capital is considering an initial public offering (IPO) for two subsidiaries on the Dubai Financial Market (DFM) early next year, sources told Bloomberg.

The sources announced that the company is holding talks with the DFM to list Stanford Marine Group and NCM Investment, which are valued at about AED 2 billion ($545 million), combined.

Stanford Marine Group provides services to the oil and gas industry, including chartering of offshore support vessels under the name of Stanford Marine and shipbuilding and repair under the name of Grandweld, according to the company's website.

Headquartered in Kuwait, NCM Investment is a financial brokerage company that offers trading services and is specialised in forex, commodities, precious metals, and allied products.

It is noteworthy to mention that in early November, Dubai announced its plans to list ten government and state-owned companies on the DFM and double the stock market size to AED 3 trillion.