According to Shuaa Capital, Deyaar is going to be listed on Wednesday, 22 Aug 2007
There is no singe to Deyaars listing in 22 Aug 2007 nobody conform about any listing date.
Why the all IPO killing time to list in UAE?
Is there is any provision for listing time limit?
I would have thought there was, but I don't know how long. RAK Properties (RAKPROP) seemed to take a long time to list back in 2005.
As for Deyaar, I just phoned Dubai Financial Market (DFM) and they said that they are still waiting for an announcement from Deyaar. They're not listing today. Maybe September sometime was the comment I got. _________________ UAE IPO list | posting guidelines
A friend of mine says that if the IPO was not open to to foreigners, then we won't be allowed to buy from the market either? Is this true?
The IPO to secondary market ownership link is not correct, at least not in the case of Du Telecom foreign ownership - not allowed during IPO but up to 20% after listing.
But as far as I know, it's correct that Deyaar shares will not be open to foreigners. The reason given is that foreigners can only own property in certain areas in the UAE and if they were allowed to own shares of Deyaar, then that could give them defacto ownership of property in areas where they're not meant to own property. I'm sure it was the CEO that said that but I can't find confirmation now. One could argue that it's nonsense because:
1. Deyaar was a subsidiary of Dubai Islamic Bank (DIB) and foreigners can own shares of DIB.
2. Other property developers allow foreign ownership of shares, are they only developing areas with no foreign ownership restrictions? Aldar Properties (ALDAR), Sorouh Real Estate (SOROUH), Emaar Properties (EMAAR), Union Properties (UPP).
3. The Deyaar IPO prospectus says foreign ownership is allowed (it may be a good idea to double check with Shuaa on that one).
Who wrote this:
The Offering of the Company’s Shares is open to both UAE national and GCC national individual and institutional investors subject to UAE share ownership restrictions 51% UAE nationals and 49% non-UAE nationals.
"We would have loved to keep the issue open to all nationalities. However, we are constrained by local and regional laws that allow only GCC nationals to own land," said chief executive Zack Shahin.
It seems like there's an error in the prospectus, or the Gulf News, or in what Mr Shahin said. _________________ UAE IPO list | posting guidelines
Air Arabia (AIRARABIA) opened at 1.11, was 1.5x oversubscribed, PE about 20 at par value for 2007, decreasing to about 10 by 2011 (see Air Arabia profit forecasts).
Deyaar (will symbol be DEYAAR?) was 15x oversubscribed, PE about 11 at par value for 2007, down to 6.3 for 2008, and 4.4 for 2011.
Ok, there's much more than just PE calculations involved in trying to estimate a share's fair value, but I could see Deyaar shares opening at around 2 dhs per share. Knocked down a bit due to current market depression - then again, maybe people are pulling out funds to buy Deyaar shares?
Following the overwhelming investor response to its AED 3.178 billion IPO, Deyaar (DEYAAR), the region's fastest growing real estate developer, today announced that it has secured the authorization of the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Market (DFM) to list its shares on the DFM for trading on September 5, 2007, under the trading symbol of 'Deyaar'.
Deyaar's IPO in May evoked strong retail and institutional demand and was more than 14 times oversubscribed. The issue attracted over 85,000 subscribers and collected over AED 45 billion.
Announcing the listing of the company, H.E. Mohammed Khalfan Bin Kharbash, Chairman of Deyaar and UAE Minister for State of Finance and Industry, said that it was a major point of transition for the company.
"We are extremely delighted to announce the listing of our shares on the DFM. The company has achieved a strong and consistent growth curve right from its inception. Various strategic expansion plans for the company have been reviewed and ratified by the Board to ensure that the exponential growth witnessed so far is not only maintained but further accelerated.'
SHUAA Capital (SHUAA) was the IPO's lead manager and sole book-runner, with Millennium Capital as co-lead manager, and Dubai Islamic Bank as lead receiving bank.
Makram Kubeisy, Managing Director - Investment Banking Group at SHUAA Capital, said 'SHUAA Capital is extremely proud of its association with Deyaar's and its role in and contribution to bringing a very distinguished offering to the market. Deyaar is a very strong company, and based on our projections it is expected to go from strength to strength. The Company has strong fundamentals, a truly professional management team and has consistently increased both revenues and profits at impressive rates since its inception; which we anticipate will favorably impact its share price.'
Proceeds from the IPO will be used to finance the company's massive expansion in property development in a series of mega projects in the UAE as well as spearhead its growth in key strategic markets of Saudi Arabia, Qatar, Kazakhstan and India.
It seems like there's an error in the prospectus, or the Gulf News, or in what Mr Shahin said.
Or there's a malfunction in my brain. I should learn to read properly ... From the prospectus...
Who wrote this:
The Offering of the Company’s Shares is open to both UAE national and GCC national individual and institutional investors subject to UAE share ownership restrictions 51% UAE nationals and 49% non-UAE nationals.
Deyaar Development (DEYAAR) lists tomorrow. Last chance to add your best guess for the opening price ... _________________ UAE IPO list | posting guidelines
1. Maybe one day non-GCC foreigners will be able to buy shares (GCC nationals already can)
2. It's listed on the UAE markets and will probably be one of the more actively traded shares. It affects other shares that foreigners can buy - yesterday's downturn on heavy volumes might have been related to punters wanting cash to buy Deyaar shares tomorrow.
3. Dubai Islamic Bank (DIB) still own 45% of Deyaar and foreigners can buy DIB shares.
4. I'm trying to provide and follow information for all stocks on the UAE markets.
Well it looks like DubaiShareTalkers mostly got it right
Pre-opening prices at 0930 were about 2.00 dhs. But dropping as the opening bell approaches - down to 1.75 now but seems to be holding at that level. That solo vote for 1.25-1.75 might yet turn out to be a winner... We'll know more at 1 pm. Good luck to anyone trading Deyaar shares .
See also a handy summary of Deyaar developments here and overseas - based on Gulf News article today.
05/09/2007 DFM: Listing of Deyaar Development (DEYAAR) and trading on its shares commences today, 5 September 2007
Deyaar shares are trading very strong volumes. Almost AED 2.5 billion worth (from 1.3 billion shares) halfway through the trading day, and price is at about 1.96 now after hitting a peak of 2.02 a little earlier. _________________ UAE IPO list | posting guidelines
Deyaar total turnover today an astounding AED 3.3 billion from volume of 1.7 billion shares. Share price closed at 1.91 - in line with the majority estimate from DubaiShareTalkers - well done .
I wonder how many punters actually made money though, the DFM IPO floated at a higher price and many punters still lost money in the end after allowing for costs. But the DFM IPO was much more heavily oversubscribed. At least with the Deyaar IPO, investors may have actually ended up with a reasonable quantity of shares. First day's chart below...
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... disclosure is from Shuaa
. Ticker is DEYAAR.
... From the prospectus...
?
