Dubai’s Ilyas & Mustafa Galadari Group, owner of the world’s largest indoor theme park, is considering a 2017 initial public offering as it seeks to raise funds for the project, according to people familiar with the matter.
The company, known as IMG, is working with JPMorgan Chase & Co. as the global coordinator for the transaction, the people said, asking not to be identified as the information is private. Egyptian investment bank EFG-Hermes Holding SAE also has a role, the people said. No final decision on the IPO has been reached and the company may consider other fundraising options, the people said.
Fundraising in the Middle East has been muted this year as a drop in oil prices dents investor appetite for new public offerings. Share sales announced by companies in the Middle East and Africa has declined 44 percent this year from the same period in 2015, according to data compiled by Bloomberg. More info