UAE regulator to plan new rules for IPOs of start-ups

30/12/2014 06:28 AST

United Arab Emirates' stock market regulator is working on rules that would make it harder for start-up companies to sell shares, according to four people with knowledge of the matter.

The regulator will only approve listing applications from startups if they intend to operate in an industry not represented on the UAE's stock exchanges and in an area of strategic importance to the economy, three of the people said, asking not to be identified as the plans are private.

The proposed regulations follow several so-called greenfield IPOs in the UAE this year, where companies with no operating track record raise money at a nominal value, usually 1 dirham a share, to start operations and fund business plans.

Dubai Parks & Resorts PJSC raised Dh2.5 billion ($680 million) in November to fund construction of a theme park in the emirate, while Amanat Holdings generated Dh1.38 billion the previous month to pursue health-care and education investments in the six-nation Gulf Cooperation Council.

Shares in Dubai Parks dropped 9 per cent on the first day of trading, while shares in Amanat dropped 12 per cent when they began trading. Both are still trading below their IPO price. Retail operator Marka, the first company to list shares on Dubai's exchange since 2009, trades above the nominal IPO value.

SCA did not respond to calls or an e-mail requesting a comment.


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