Meraas unit IPO offer oversubscribed

DUBAI, Nov 30 (Reuters):  Dubai Parks and Resorts, a unit of Meraas Holding, said on Friday that the portion of its 2.53 billion dirham ($689 million) initial share sale on offer to institutional investors had been many times oversubscribed.
The entity, which is developing an entertainment area in the emirate which will include theme parks and other attractions, is selling 40 per cent of its shares at 1 dirham per share.
The initial public offering would be split between institutions, which would get 60 per cent of the shares, and retail investors, who would take the remaining 40 per cent.
The part available to professional investors closed on last Thursday and was well covered by orders from regional and global institutional investors, family offices, as well as sovereign wealth funds, Dubai Parks and Resorts said in a statement.