UAE retailer Marka has opened subscription to its initial public offering (IPO). The subscription period is set to end on 24 April.

If the offering manages to attract sufficient demand, it will be followed by a listing on Dubai Financial Market (DFM).

Marka, which is in the process of its formation as a company, is seeking to raise AED275m ($74.9m) by selling 55 per cent of its equity to the public.

The retailer says it is worth AED1 a share, bringing its estimated valuation to AED500m. Subscribers will need to pay the regular share price of AED1 plus a premium of AED3 a share. The minimum subscription amount is 5,000 shares.

The IPO is open to investors of all nationalities, although foreign ownership is capped at 49 per cent of total equity.

It is the first offering by a greenfield company since Ajman Bank listed on the DFM 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 IPO.