DUBAI: UAE’s Shuaa Capital, which oversees around $14 billion in assets, is considering IPOs of two of its portfolio companies, Bloomberg reported citing people familiar with the matter.
Dubai-based investment bank and asset manager has been in talks with the Dubai Financial Market (DFM) about listing Stanford Marine Group and NCM Investment, the people said, asking not to be named for information confidentiality.
Shuaa is targeting early next year, 2022 to list the two businesses, which combined have a value of about 2 billion dirhams ($545 million), the people said. The bank is in talks to hire investment banks as bookrunners, they said.
Shuaa declined to comment, Bloomberg said.
Dubai said earlier this month that it wants to sell shares in utility Dubai Electricity & Water Authority (DEWA) as the first of 10 state entities to go public.
UAE is also encouraging private and family-owned businesses to follow suit.