A 20% DIP Holding stake is slated for public sale by Dubai Investments, with UAE applications beginning Oct. 27 and a Dh5,000 minimum, Gulf News reported, citing offer documents.
DIP Holding owns the operator of Dubai Investments Park. The public subscription period is scheduled to close Nov. 3, and trading on the Dubai Financial Market (DFM) is expected to start Nov. 11.
Applicants need a DFM investor number, or NIN, which they can obtain through a broker or the DFM app. Gulf News reported that Wio and the Mbank UAE app are also listed for NIN registration. DFM’s IPO platform, mobile app and iVESTOR are options, alongside Wio and six other listed banks: First Abu Dhabi Bank, Emirates Islamic, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank and Emirates NBD. Individual applicants need a valid passport or Emirates ID; electronic identification procedures vary by channel.
Public applications can exceed the Dh5,000 minimum in Dh1,000 increments, with no maximum amount listed. Duplicate applications made in the same capacity may be rejected. The minimum is Dh1,000 for eligible Dubai Investments group employees and Dh5,000 for eligible Dubai Investments shareholders.
The offer price range is scheduled to be announced Oct. 27, with the final price due Nov. 4. The documents list Dh0.20 as the nominal share value, separate from the final offer price. Reported payment cutoffs are 5 a.m. ET (1 p.m. UAE time) Oct. 31 for cheques; before 4 a.m. ET (1 p.m. UAE time) Nov. 2 for PGS, FTS and SWIFT transfers; and 4 a.m. ET (1 p.m. UAE time) Nov. 3 for ATM, internet banking, mobile app and website applications.
Public-category allocations and refunds of surplus funds are scheduled to begin Nov. 10. The documents set a 2,000-share floor for public allocations, subject to each applicant's requested amount and the category's available shares. Trading is expected to begin Nov. 11.
