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Dubai: Dubai is selling 20 per cent of terminal operator DP World in an initial public offering (IPO) open to global institutional investors, GCC nationals and UAE residents.
The announcement follows months of speculation that the government-owned company was planning an IPO, but company officials had insisted until last week that it was not imminent.
DP World is valued at about $20 billion (about Dh73 billion), a banking source said.
Company officials did not disclose how much money the IPO will raise, insisting the market will decide the share value.
The shares will be listed on the Dubai International Financial Exchange (DIFX) on November 26.
"Today marks another step in the development of DP World from a local to a regional to a global player. But, importantly, it also signals the clear intent by Dubai World and Dubai itself to be active participants in the international financial markets," Sultan Ahmad Bin Sulayem, chairman of DP World and its parent Dubai World, told a press conference yesterday.
Applications will be available in the UAE from November 4, and for UAE retail investors the last day for submission is November 15.
Ellie Salloum, assistant vice-president in the investment banking group of Shuaa Capital, one of the lead managers, said institutional investor interest has been strong in the IPO.
Would you be interested to subscribe to the DP World shares? Would you like the terms, such as minimum subscription to be lowered to allow greater subscriber base?
Your comments
Yes, I would like to have the information about the DP World shares, its terms and the minimum subscription.
Viswanathan
Dubai,UAE
Posted: October 22, 2007, 09:24
Yes, I am interested to subscribe to the DP World and I like the terms.
Thomas
Beaverton, OR,USA
Posted: October 22, 2007, 09:23
I would like to buy DP World's shares. So I want to know the details of about company and share details.
Anas
Dubai,UAE
Posted: October 22, 2007, 09:05
I would like to subscribe to DP world shares. I expect minimum subscription will be around Dh10,000.
Shaji
Sharjah,UAE
Posted: October 22, 2007, 08:04
I am an expat with UAE resident visa. Can I participate? Secondly, minimum subscription should be reduced so that all get fair chance to subscribe.
K R Mathew
Dubai,UAE
Posted: October 22, 2007, 07:24
I'm a Pakistani national. I suggest that these shares must be for all the nationalities living in the UAE and the rate should be the lowest so that a normal or low paid employee can also buy it and become a shareholder of DP World. Rich people or people with high pays already have good incomes and can survive in Dubai but now Dubai Government should think about the poor and middle-class people.
Naeem
Dubai,U.A.E.
Posted: October 22, 2007, 06:51
Yes, interested to subscribe.
Lee
Singapore,Singapore
Posted: October 22, 2007, 04:51
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