Dubai Ruler's $584 Million REIT IPO Surges In Debut
Dubai Holding 's $584 million residential real estate investment trust surged in its trading debut, as the city's property market boom continues to lure investors.
Dubai Residential REIT rose more than 10% to 1.22 dirhams per unit on Wednesday morning. The deal was priced at 1.10 dirhams per unit, the top of its proposed range, giving the trust an implied market capitalization of around $3.9 billion.
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