Amanat to launch $374m Dubai flotation in Oct

UAE-based Amanat Holdings, a healthcare and education start-up, will launch a Dh1.375  billion ($374 million) share sale in Dubai next month, the latest firm to seek to capitalise on a recovery of investor confidence in the region.

After a five-year lull in UAE flotations, barring small offerings in Dubai and Abu Dhabi, activity has picked up and Dubai developer Emaar Properties on Monday priced an initial share sale of its shopping malls business which will be the largest in the Gulf region since 2008.

The flotation of 55 per cent of Amanat's equity on the Dubai Financial Market was set at Dh1.02 per share and will begin in the second half of October, the company said in a statement on Tuesday.

Amanat said it will use the funds raised from the offering to establish and incorporate Gulf companies working in the healthcare and education sectors, and develop, manage and operate these companies.

The flotation details come after sources told Reuters earlier in September that private equity firm Ithmar Capital had picked Credit Suisse and Deutsche Bank to manage the float, hoping to raise funds for private equity-style investments.

Ithmar Capital has a 1.6 per cent stake in Amanat. The company under formation has a total share capital of Dh2.5 billion and a 45 per cent subscription from founders has been completed.

Top shareholders include Rimco Investments, Osool Asset Management, United Alsaqer Group and Astro AD Cayman.

Emaar Properties' mall flotation was set at the top end of the proposed range to value the overall deal at Dh5.8 billion.


 

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