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Depa IPO raises $432m

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Date: Wednesday 23 Apr 2008

LONDON (ShareCast) - Dubai-based interiors contractor Depa today raised $432m when it listed its global depositary receipts on the London Stock Exchange and its shares on the Dubai International Financial Exchange.

The group said it intends to use the proceeds to establish new joineries and finance acquisitions.

The shares have been issued at $7.75 per GDR and $1.55 per share.

Depa offered 253,551,055 ordinary shares in the form of shares and GDRs, each representing five shares and granted an over-allotment option to purchase an additional 25,355,106 shares at the offer price to Morgan Stanley, UBS, Global Investment House and The National Investor.

“We have been able to form a respected international and regional institutional investor base which serves as a fantastic platform from which to start life as a publicly listed company,” said chairman Abdullah Al Mazrui.