DIFX welcomes DP World listing; largest IPO in Middle East at 4.96 billion dollars
DP World, the international ports operator, listed today on the Dubai International Financial Exchange (DIFX) in the Middle East's largest initial public offering (IPO) valued at 4.96 billion dollars.
It is the first IPO to list exclusively on the DIFX, the region's international exchange, and the offering to a wide range of institutional and retail investors was oversubscribed more than 15 times. It is the first listing on the DIFX by a UAE company.
Soud Ba'alawy, Chairman of the DIFX, "DP World's listing is a milestone for the DIFX in its growth as a leading international trading platform.
It highlights the emergence of the exchange as the ideal market for companies seeking international and regional institutional investment, together with retail investment from the exchange's own wealthy region.&"-
DP World, wholly owned by Dubai World until the IPO, has listed 3.818 billion shares, representing 23% of the company. They were priced at US$1.30 each - the top of the indicative range of $1.00 - $1.30 announced by the company at the start of its bookbuilding pricing process. The final allocation included an extra 498 million shares due to high demand.
Sultan Ahmed Bin Sulayem, Chairman of Dubai World and of DP World, &"DP World is a Dubai-based company with a need for a globally significant listing venue. It benefits from the regional links of the DIFX together with its strong international links and regulatory standards.&"-
Essa Kazim, Chairman of Borse Dubai, the holding company for the DIFX &"This step is in line with Borse Dubai's strategy to attract leading local companies, which will act as a catalyst to attract further substantial equity listings from regional and international companies.&"-
DP World operates ports from the UAE to the UK, from India to Hong Kong and
from Australasia to the Americas. It is the world's fourth largest marine