Mubasher: The UAE-based Sobha Group plans to hold an initial public offering (IPO) in 2021, founder and chairman PNC Menon said told Arabian Business on Monday.
Menon added that the IPO will be launched only after Sobha Group completes a period of consolidation in Dubai.
He believes that launching the IPO is expected to take another three years to complete, Arabian Business added.
Menon told Arabian Business, “I’ll definitely do an IPO. That’s the plan. But that’s post consolidation only, so that could be in 2021,” he said. “I’m waiting. I’m not in a hurry.”
Sobha Group has no plans for growing its business in the GCC outside of the UAE, but the chairman noted that he is mulling over a project in Oman, where he is a citizen.
“There is a discussion currently with the government of Oman,” he told Arabian Business.
As for expanding in the US and the UK, Menon noted that the group is open to further international expansion further afield after Sobha’s consolidation.
“That’s definitely a possibility,” he said, adding that “One market in which I strongly believe is London, and also the United States.”
“He added that he is also exploring expansion possibilities in East Asia, particularly in the Indonesian capital of Jakarta,” Arabian Business said.
Established by Menon in 1976, Sobha currently has developments and investments in the UAE, Oman, Bahrain, Brunei and India, and is currently developing Sobha Hartland, a mixed-use development in Dubai.
