UAE retailer Marka has received preliminary regulatory approval to launch an initial public offering (IPO) on the Dubai Financial Market (DFM). It is set to mark the Dubai stock exchanges first listing since 2009.
The company, which focuses on fashion retail and food and beverage, plans to raise AED275m ($74.9m) by selling 55 per cent of its equity to the public.
CAPM Investment, a subsidiary of Abu-Dhabi based Finance House, is acting as lead manager.
The planned IPO is one of at least 10 offerings that are currently being worked on in the country. While some private firms such as Gulf Marine Services are eyeing London, others are poised to revive IPO activity in the UAE.
If successful, 2014 could mark the beginning of a steady stream of offerings. That is a major priority for UAE markets, as trading on each exchange is dominated by just a handful of major stocks.