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Dubai: Damas International Limited, the international integrated jewellery and watch retailer, today announces that it has listed its shares on the Dubai International Financial Exchange (DIFX) following a successful regional and international initial public offering to institutional investors (the “IPO”).
Damas is the first retailer to be listed on the DIFX. It has successfully raised US$270.6 million from the IPO and intends to use its share of the net proceeds from the IPO primarily to expand its store network.
The proceeds will also be used to fund selective acquisitions, investments and alliances that complement the Damas brand and for further vertical integration through investment in manufacturing operations to allow the Company to capture an increasing share of margins in the manufacturing process.
In addition, the proceeds will also be used to restructure a portion of the Company’s existing debt as well as for other corporate purposes.
Commenting Tawfique Abdullah, Chairman, Damas, said: “We are very pleased to have formed such a strong share register by attracting a broad base of high-quality investors across the GCC and Europe. We believe that this serves as an ideal platform from which to start life as a public company.”
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