Marka is listing 55% of its capital in an offer that was 36 times oversubscribed, attracting AED 10.35 billion worth of applications.
Retailer Marka PJSC (profile) has been granted the final approvals by the Securities and Commodities Authority to list its shares and commence trading on the Dubai Financial Market. It is the first IPO of a retail company in DFM’s history, beating the Emaar Malls debut by a week.
Marka raised AED 275 million in April and plans to spend the proceeds of the share sale on opening fashion retail outlets, restaurants and cafes across the Gulf region.
The company’s founders consists of well-known personalities, including Jamal Al Hai, Executive Senior Vice-President of Dubai Airports (Chairman); Khaled Almheiri, CEO and Founder of Evolvence Capital (Vice Chairman); Abu Baker Al Khouri, Chairman of Aldar Properties; Jamal Al Shaafar, CEO, Al Masood Group; and Hamad Al Shamsi, CEO of Private Investment Company. It has recently appointed an ex-Arsenal retail chief, Nick Peel, as CEO.