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FINANCIAL NEWS
Dubai’s Daman sells 22.7% stake ahead of planned IPO
24 Jun 2012
(MENAFN) Dubai-based Daman Investments gave away a 22.7 percent stake through a private placement which values the firm at USD119.8 million, Reuters reported.
The investment management firm also unveiled plans to float shares in an initial public offering.
Daman said it gained USD27.23 million from the sale of 588,235 new shares.
The sale is part of Daman’s plans to broaden its shareholder base before an eventual initial public offering in the UAE.
In 2009, Daman said it had attracted a strategic investor who committed to invest USD27.23 million in the company, and was moving ahead to secure additional equity investment of about USD54.4 million.
But that fundraising valued Daman at about USD231.35 million, nearly double the current valuation, indicating how bad investment firms in the UAE were hurt after the global financial crisis.
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