DUBAI – CAPM Investment, an investment banking and asset management firm in the United Emirates, said it planned to arrange for a company to conduct the first initial public offer of shares on Dubai's main stock market in five years. The company, named Marka, is still in the process of being formed. It will operate in the UAE's fashion retailing and food and beverage sectors; its over 100 founders include prominent local businessmen and investors, CAPM said in a statement on Saturday. Fifty-five percent of the company's equity, or 275 million shares, will be offered to the public in the IPO at 1 dirham per share on the Dubai Financial Market, CAPM said. That suggests the IPO would raise $75 million. Meanwhile, the founders would subscribe to 45 percent of the equity or 225 million shares. CAPM expects to secure final regulatory approvals to launch the IPO in coming weeks, CAPM's chief executive Mahdi Mattar said in the statement. If the IPO goes ahead, it will be a step in the recovery of Dubai's financial markets from the global financial crisis. There have been no IPOs on the DFM since construction firm Drake & Scull listed in early 2009. – Reuters
