Ambitions Enterprise Management, a Dubai-based tour operator and travel agency, raised $6 million by offering 1.5 million shares at $4, the low end of the range of $4 to $5. At pricing, the company commands a market cap of $118 million.
Through subsidiaries in the UAE, Ambitions operates as a tour operator, travel agency, and provider of event planning and management services. The company primarily provides two lines of services: MICE (meetings, incentives, conferences, and exhibitions) management, and one-stop tourism. Ambitions currently provides travel services in the UAE, Jordan, Qatar, Bahrain, Kuwait, Saudi Arabia, and Oman.
Ambitions Enterprise Management plans to list on the Nasdaq under the symbol AHMA. AC Sunshine Securities and Univest Securities acted as joint bookrunners on the deal.
