Dubai Parks & Resorts, a subsidiary of UAE developer Meraas Holding, is set to list on the Dubai Financial Market (DFM) on 10 December.

Its AED2.5bn ($681m) initial public offering (IPO) launched last month and features two tranches: a qualified institutional tranche and a UAE portion.

The qualified institutional offering presents 60 per cent of the shares on offer and was oversubscribed 65 times, attracting about AED100bn in bids. Investors included Kuwait Investment Authority and Qatar Investment Authority.

The UAE tranche represented 40 per cent of the IPO, and was 10 times oversubscribed, attracting AED10.9bn-worth of bids.  

The IPO was raised to support the construction of three theme parks, a hotel and a leisure resort in Dubai. The park, which is currently under construction, is expected to capitalise on the emirate’s growing tourism sector.

Dubai Parks & Resorts also raised commercial bank funding last month to support the construction of the parks.

The IPO market in Dubai has rebounded this year after several years of stagnation. Other offerings have included the Emaar Malls IPO, which closed in September, and the offering by retail start-up Marka in the first half of the year.