Depa prices its shares at $1.55 per unit

Dubai: UAE-based interior contracting company Depa Limited said on Friday it has priced its shares at $1.55 per unit, the lower end of the $1.50-$1.85 price band.

The company is selling 41 per cent of its stock comprising 253.5 million ordinary shares in the form of shares and global depository receipts (GDRs) of five shares each.

If it exercise an over-allotment option of 25.35 million share, the total stock sold to the public would be 43 per cent, and the market capitalisation would be $1 billion.

It will be raising $393 million from the share sale without the over-allotment option and $432 million if that option is exercised in full.

Listing

Depa will list its dollar-denominated shares on the Dubai International Financial Exchange (DIFX) on Wednesday, while GDRs will be listed on the London Stock Exchange.

"The strong interest in the company from a broad base of high quality international investors generated over Dh5 billion of demand. The retail tranche was fully subscribed," Depa said in a statement.

Depa will become the first privately-held Dubai company to list on the DIFX.

In November last year, state-owned DP World raised $4.96 billion in the region's biggest by selling 23 per cent of itself, and listed its stock on the DIFX.