DIFX welcomes listing of Damas in $270.6 million IPO by leading jewellery retailer
The Dubai International Financial Exchange (DIFX) welcomed the listing today of the ordinary shares of Damas International Ltd., the international jewellery retailer, following its initial public offering (IPO).
Damas raised $270.6 million from institutional investors at a price of one dollar per share. The company has more than 430 stores across the Middle East, North Africa and South Asia and is the leading jewellery retailer by number of stores in the Gulf Cooperation Council (GCC) region.
Jeff Singer, Chief Executive of the DIFX, said: 'This is a historic day for Damas, which has been in business successfully for more than 100 years. We are delighted that institutional investors have responded so positively to the Damas offer. Now that Damas shares are listed on the DIFX, we look forward to welcoming the participation of retail investors.
Damas has built an impressive network of stores in 16 countries. The company has exciting growth plans which include opening 131 new stores this year and a further 109 in 2009, which makes it well-placed to take advantage of the positive economic conditions in the Middle East and India. The DIFX is an ideal platform for growth-oriented companies.'
The stock will be available to trade on July 8, 2008, with the symbol DAMAS. Credit Suisse Securities (Europe) Ltd and HSBC Bank plc acted as joint global coordinators and joint bookrunners on the transaction.