Emirates Post plans USD 817m IPO
The Director General of state-owned Emirates Post (Empost) announced that the company is planning to start discussions with financial advisers next month on the sale of 49 percent of its shares to the public, Gulf Daily News reported.
He pointed out that the postal company would choose three lead managers and complete a valuation before starting the initial public offering (IPO), adding that the valuation of the offering may reach USD 817 million.
Empost planned to sell existing shares to Gulf investors and foreign residents of the UAE, he said last year. It would use IPO proceeds to acquire logistics companies, financial services firm specialized in remittances, and express mail companies in Asia, he added.
