Stock fever in the UAE surged this week following the announcement by market officials of an initial public offering (IPO) for a new telecom company that won investment pledges greater than the value of the entire UAE economy.
Some 255,000 investors rushed to purchase shares and have oversubscribed the IPO by 167 percent, according to Gulf Daily News.
Investors pledged approximately $109b, around $5b more than the UAE economy.
Shares have yet to be allocated while market officials stated that the majority of proffered investments will be refunded.
