DOLMEN CITY IPO: One of its kind, Initial Public Offering of Dolmen City REIT is started from Monday 8 June 2015. This offering will take place at Karachi Stock Exchange Limited (“KSE”), Lahore Stock Exchange Limited (“LSE”) and Islamabad Stock Exchange Limited (“ISE”) simultaneously.
The Company: In 2009, two giants namely Arif Habib Group and Dolmen Group joined hands and came up with Arif Habib Dolmen REIT Management Limited. The core objective of the company is launching and managing Rental, Developmental and Hybrid Real Estate Investment Trusts ‘REIT’ under compliance to REIT regulations disseminated by SECP. REIT give contributors a room to invest in a professionally managed portfolio of real estate, enabling small savers and investors to take exposures in real estate while maintaining the liquidity and benefits of the capital markets. It will be a perpetual, rated, listed, Closed-end Shariah Compliant Rental REIT. The REIT Scheme has acquired two components of the Dolmen City Project with the objective of generating rental income for Unit Holders. The REIT Scheme may further generate gains for the Unit Holders from selling the real estate or parts thereof, with prior written approval from the SECP.
IPO offering details: Two phases are defined for the inauguration of this IPO that comprises of 555.93 million units in total. In first phase book building will take place, under which 416.94 million units will be offered to institutions and high-net-worth individuals at a face value of Rs 10/share. Time frame allocated for this process is from June 8, 2015 at 9 am till June 9, 2015 at 5 pm. In the second phase 25% of the total issue size i.e. 138.98 million units will be dispensed to the general public at the already determined strike price during the book building process. The subscription date chosen is June 12, 2015.