DUBAI Dec 3 Dubai property developer DAMAC
priced its London offering of Global Depositary
Receipts (GDRs) at $12.25 per share on Tuesday, raising $348
million and valuing the company at $2.65 billion.
The offering size could increase to $400 million if a 15
percent greenshoe or over-allotment option is exercised, the
company said in a bourse filing. Should this option be activated
15 percent of the company would be listed.
The luxury housing firm initially set a price range of
$12.25-17.25 per GDR on November 14, with the aim of raising
$500 million, before narrowing the range to $12.25-13.25 and
reducing the amount it was looking to raise last week.
A GDR is a certificate that represents a block of shares in
a company. GDRs are often issued by firms in emerging market
states to allow foreign investors to buy the stock more easily.
Citigroup and Deutsche Bank are joint
bookrunners for DAMAC's offer, with the investment banking arm
of Saudi Arabia's Samba Financial Group and VTB
Capital acting as co-lead managers.