Source:The developer of a Legoland theme park near Dubai dropped by as much as 15 percent in the first day of trading after an initial public offering.
Dubai Parks & Resorts PJSC, which plans build a cluster of three theme parks between Dubai and Abu Dhabi, was down 9 percent at 0.91 dirhams at the close of trading, giving it a market value of 5.75 billion dirhams ($1.6 billion). The company raised 2.53 billion dirhams selling shares to finance the construction of the parks.
Companies without operating assets aren’t attractive to shareholders because they can’t return cash for years to come, Mohammed Ali Yasin, managing director of NBAD Securities LLC in Abu Dhabi, said today by phone. “Obviously it’s speculators who are trading,” he said.
http://www.bloomberg.com/news/2014-12-10/legoland-developer-plunges-on-dubai-debut-after-ipo.html