05:02 PM EDT, 03/19/2024 (MT Newswires) -- Nasdaq (NDAQ) said late Tuesday that Borse Dubai has started an offering of almost 27 million shares of the US stock exchange.

The Middle East stock exchange expects to grant its underwriters a 30-day option to purchase up to about 4.04 million additional Nasdaq shares. It will receive all of the proceeds from the offering.

Excluding the over-allotment option, Borse Dubai will likely hold about 10.8% of Nasdaq's shares after the closing. It is expected to be the second largest shareholder in Nasdaq after the share sale.

"Today's offering is being conducted to enhance the capital structure and liquidity within the Borse Dubai Group," said Borse Dubai CEO Essa Kazim.

Shares of Nasdaq fell more than 2% in after-hours activity.

Price: 60.95, Change: -1.51, Percent Change: -2.42