Dubai-based luxury homes developer Damac intends to proceed with an initial public offering of global depositary receipts (GDRs) on the main market of the London Stock Exchange.
Dubai-based luxury homes developer Damac intends to proceed with an initial public offering of global depositary receipts (GDRs) on the main market of the London Stock Exchange.
Damac said a final decision to proceed with the IPO will be subject to market conditions.
One GDR represents an interest in three ordinary shares. Subject to market conditions, the current owners expect to sell about $500 mln (€370 mln) of GDRs before exercising any over-allotment options.
Citigroup Global Markets Limited and Deutsche Bank's London branch are acting as joint global co-ordinators and joint bookrunners. Samba Capital and VTB Capital are acting as co-lead managers.
Damac is a developer of high-end and luxury residential property in the Middle East, with Dubai accounting for 85% of its portfolio in progress by total saleable area.
While Damac operates primarily in the residential segment of the luxury property sector, it has also developed a number of commercial and mixed-use properties. At 23 July 2013, the company had 1,041 employees.
