FINANCIAL NEWS

Dubai’s Damac gain USD348 m in London share listing

03 Dec 2013

(MENA) Dubai property developer Damac priced its London offering of Global Depositary Receipts (GDRs) at USD12.25 per share, raising USD348 million and valuing the company at USD2.6 billion, reported by Arabian Bbusiness.

The offering size could increase to USD400 million if a 15 percent greenshoe or over-allotment option is exercised, the company said in a bourse filing. Should this option be activated 15 percent of the company would be listed.

The luxury housing firm initially set a price range of USD12.25-17.25 per GDR on November 14, with the aim of raising USD500 million, before narrowing the range to USD12.25-13.25 and reducing the amount it was looking to raise last week.

A GDR is a certificate that represents a block of shares in a company. GDRs are often issued by firms in emerging market states to allow foreign investors to buy the stock more easily.

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