Eshraq Properties, an Abu Dhabi- based real estate developer, more than doubled its installment price in Abu Dhabi on its first trading day.
The shares rose to 51 fils at the 2 p.m. close in the emirate. The company offered 825 million shares in an initial public offering at 1 dirham each. Investors have paid 25 fils and will pay the remainder within two years.
Eshraq Properties’ IPO was oversubscribed as demand outpaced the amount of shares offered, Royal Capital PJSC, financial services company and manager of the share sale, said May 12. The listing was the second in Abu Dhabi this year after Insurance House, a company which offers property and casualty insurance.
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