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Eshraq has nerves of steel

Eshraq has nerves of steel

Kipp has suggested a simple motorcycle jump over the Atlantis arch, but Eshraq is considering something far more daring: an IPO. Can it be done?

January 9, 2011 2:14 by

As a child, Kipp loved daredevils. Evil Knievel was of course our hero, as he was for everyone of a certain age. We even had the little Evil Knievel action figure, complete with leaping motorcycle.

Since Knievel, no one has really captured the world’s imagination in terms of dare-devilry. Sure we’ve had the odd wannabe, and a few showman magicians who’ve tried to create similar public spectacles. But frankly, the snooze-fest that is David Blaine sitting around is nothing compared to watching someone suicidally jumping a line of parked buses, is it? Our weekend afternoons have been sadly bereft of those low budget US TV shows featuring a borderline-insane misfit doing something monumentally stupid. We have been without a risk-loving bad boy.

Until now.

According to reports over the weekend, Eshraq, an Abu Dhabi-based developer, will in the coming weeks attempt the unthinkable. Equipped, no doubt, with crash helmet and fireproof overalls, the real estate company will launch an IPO.

According to the National, a source says Eshraq is planning to offer up to 55 percent of the company in public shares, possibly as early as next month.

Kipp will be mighty impressed if they go through with it. As we reported a few weeks back, Axiom were planning a welcome IPO – the first for almost two years – but ended up scrapping it because of a disappointing response from investors. At the time, analysts were divided on the reasons for the lack of interest. Axiom itself blamed poor market conditions, but some claimed that the company’s plans for the money raised (mainly repaying debt) made the offering unattractive.

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