UAE – Mubasher: Sobha Realty, a premium real estate developer based in Dubai, intends to file for an initial public offering (IPO) in 2022, the Banker Middle East reported.
The company will wait to meet expected profitability before making a final decision on the IPO, the founder of Sobha P.N.C. Menon said.
Menon also added that the company has not make a final on where to list the shares.
Sobha is expected to generate around AED 2 billion ($545 million) in sales revenue this year, compared to AED 620 million in 2018 as it delivered more homes in its Sobha Hartland development.
The property developer will hand over nearly 6,000 homes at the $4 billion project over the coming six years, Menon revealed.