UAE retailer Marka has raised AED275m ($75m) through its initial public offering and plans to list on Dubai Financial Market (DFM) in mid-June, according to Jamal al-Hai, chairman of Marka’s founders committee.

That gives it a market capitalisation of AED500m.

Marka, which is in the process of its formation as a company, has plans to open a series of fashion stores, restaurants and cafes of global brands in the region.

This will be the first listing of the DFM by a greenfield company in six years, after Ajman Bank listed on the Dubai market in 2008.

While companies are usually required to provide two years’ of financial statements when seeking regulatory approval to launch an offering, authorities could make an exception for a greenfield initial public offering.