Dubai's FIVE Hotels mulls IPO in London or New York
Investing.com -- Dubai-based party hotel operator, FIVE Holdings, is contemplating a listing in either London or New York, according to a Reuters report on Wednesday. The company, owner of the Pacha hotel and nightclub, previously expressed interest in an initial public offering in Dubai.
Kabir Mulchandani, the chairman and founder of FIVE Holdings, stated last year that the company was valued at up to $3 billion and was considering a dual listing. However, he did not specify potential locations.
London could be a strong contender for the listing, given the majority of FIVE's Ibiza clubs' clientele are British nationals. This segment of the business significantly contributes to the group's revenues, the report added. Such a move could also provide a positive push for London's market, which has had difficulty attracting IPOs.
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