DIP Holding Plc的首次公开募股（IPO）定价预计将定在其推介区间的中点附近，这在阿联酋实属罕见，也表明该国今年的首单上市在地缘政治不确定性下不得不收敛其估值雄心。
DIP Holding Plc is set to price its initial public offering around the midpoint of its marketed range, a rarity in the United Arab Emirates and a sign the country’s first listing of the year has had to temper its valuation ambitions amid geopolitical uncertainty.
据彭博新闻社看到的条款，此次售股定价预计为每股1.12迪拉姆（0.30美元），尽管在1.10迪拉姆至1.15迪拉姆的推介区间内，认购簿获得了数倍超额认购。
The share sale is expected to price at 1.12 dirhams a share ($0.30), according to terms seen by Bloomberg News, even though the order book was multiple times covered across the marketed range of 1.10 dirhams to 1.15 dirhams.
按此价格，出售股份的股东Dubai Investments PJSC将通过出售DIP 20%的股份筹集约5.29亿美元，低于区间上限时可能筹集的5.43亿美元。
At that price, selling shareholder Dubai Investments PJSC would raise about $529 million from the sale of a 20% stake in DIP, short of the $543 million possible at the top of the range. The lower valuation would lift the dividend yield to around 7.5%, addressing some investor calls for higher payouts.
较低的估值将使股息收益率提升至约7.5%，回应了部分投资者对更高回报的要求。据彭博新闻社报道，鉴于地缘政治担忧，一些投资者曾推动收益率接近开发商Emaar Properties PJSC所提供的约9%的水平。
Some had pushed for yields closer to the roughly 9% offered by developer Emaar Properties PJSC, given geopolitical concerns, Bloomberg News has reported. The IPO is going ahead as regional tensions rise. Saudi Arabia has continued to fend off attacks from the Houthis and President Donald Trump has hinted the US could resume military strikes against Iran after next week’s midterm elections.
此次IPO在地区紧张局势加剧之际推进。沙特阿拉伯继续抵御胡塞武装的袭击，而美国总统唐纳德·特朗普暗示，美国可能在下周中期选举后恢复对伊朗的军事打击。
Pricing below the top of the range would stand out in the UAE. Recent IPOs, from Parkin Co. and Spinneys 1961 Holding Plc to Lulu Retail Holdings Plc and Talabat Holding Plc, have tended to price at the top after drawing orders far exceeding the shares available.
在阿联酋，定价低于区间上限将显得与众不同。此前的IPO，从Parkin Co.和Spinneys 1961 Holding Plc到Lulu Retail Holdings Plc和Talabat Holding Plc，在获得远超可售股份的认购订单后，往往都定价在区间上限。
But investors had begun pushing back on valuations well before the war started, and some high-profile listings, including Talabat and Lulu, have struggled post their debuts. DIP’s order book includes many local family offices, among them large groups that are also shareholders in parent Dubai Investments, according to people familiar with the matter, who declined to be identified because the information is confidential. Al Tayer Group, a prominent conglomerate that operates Ferrari and Maserati dealerships and Harvey Nichols and Bloomingdale’s stores, is also among those participating in the IPO, some of the people said.
但早在战争开始之前，投资者就已开始对估值提出质疑，包括Talabat和Lulu在内的一些备受瞩目的上市公司在上市后表现挣扎。
The group is also a tenant of DIP. Representatives for DIP declined to comment, while Al Tayer Group did not immediately respond to requests for comment. Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region.
据知情人士透露，DIP的认购簿包括许多本地家族理财室，其中一些大型集团同时也是母公司Dubai Investments的股东。这些人士因信息保密而要求匿名。
Some international funds have put in orders in recent days, though the book remains more heavily skewed toward domestic investors than usual, according to some of the people. Gulf listing volumes have slumped this year as the regional war compounds a broader slowdown in what was once an IPO hub.
知情人士称，运营法拉利和玛莎拉蒂经销店以及哈维·尼克斯和布鲁明戴尔百货店的知名企业集团Al Tayer Group也参与了此次IPO。该集团还是DIP的租户。
Most equity markets across the Gulf have fallen since the conflict began, with Dubai’s benchmark index down about 11%. DIP owns Dubai Investments Park, a 2,300-hectare (8.9-square-mile) mixed-use development established in 1997 that includes warehouses, hotels, shops, schools and medical centers.
DIP的代表拒绝置评，Al Tayer Group则未立即回应置评请求。
The subscription period for the DIP offering will run till Nov. 3, and shares are expected to begin trading on Dubai’s bourse on Nov. 11.