Eshraq Properties will raise around $225 million in an initial public offering (IPO), Bloomberg reports. The UAE real-estate developer will sell a 55% stake during an offer period from May 1 to May 11.

The Abu Dhabi-based company will issue 825 million shares to nationals of the six-members of Gulf Cooperation Council countries. Eshraq Properties will be listed on Abu Dhabi’s ADX General Index, adds Arabian Business.

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