Dubai’s DAMAC raises $348m in London share sale
The offering size could increase to $400 million if a 15 percent greenshoe or over-allotment option is exercised
Dubai property developer DAMAC priced its London offering of Global Depositary Receipts (GDRs) at $12.25 per share on Tuesday, raising $348 million and valuing the company at $2.65 billion.
The offering size could increase to $400 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 $12.25-17.25 per GDR on November 14, with the aim of raising $500 million, before narrowing the range to $12.25-13.25 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.
Citigroup and Deutsche Bank are joint bookrunners for DAMAC’s offer, with the investment banking arm of Saudi Arabia’s Samba Financial Group and VTB Capital acting as co-lead managers.
Dubai property firm Damac seeks $500m in London listingDubai luxury housing developer DAMAC Properties said it plans to raise as much as ... Property
Damac exec: There has never been a Dubai property ‘bubble’A senior executive at the Dubai developer Damac has dismissed speculation that a ... Property
Dubai developer Damac awards $272m hotel contract to Turkey’s TAVPrivate UAE developer DAMAC Properties has awarded the Dubai branch of Turkey's ... Business
Egypt says disputes with Dubai's Damac are resolvedEgypt said on Wednesday it had settled disputes with the Dubai-based developer ... Property