Air Arabia: Taking off in the Middle East
This case is about the IPO of Air Arabia in 2007 in the United Arab Emirates. Raising capital in the UAE had begun with Decision 12, issued by the Council of Ministers in 2000; activity had grown from 2 IPOs in 2002 to 53 in 2007. A portfolio manager for EFG-Hermes in Dubai, a competitor of the IPO underwriter and book runner, needs to determine the value of an Air Arabia share. The valuation was complicated by newness of the UAE stock market, its illiquidity relative to the US or UK and the fact that it was a company with no comparable company in the region.
Valuation in of stock prices in uncertain and illiquid markets
2007
Cranfield University
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Harvard Business School Publishing
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NUCB Business School
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