Friday , 21 June 2019
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Dubai Ports World one of the world's biggest ports operating companies with more than 42 terminals in 22 countries, is raising US$4.96 billion by selling 23% of its stock in the region's biggest IPO.

Dubai’s IPO

According to DP World, the initial public offering (IPO) was oversubscribed 15 times and the company priced its shares at US$1.30, the top of the indicative band of US$1.00- 1.30.

After allocating 25% of the shares to the holders of DP World parent Ports, Customs and Free Zone Corp (PCFC), almost 10% of the remaining shares will go to retail investors while the rest will go to institutional investors, split equally between the Gulf region, US and Europe.

There was a strong response from around the world, particularly from the UAE from where around 66,000 applications were received totalling around US$4.4 billion.

The shares are due to debut on the Dubai International Financial Exchange (DIFX) on November 26, valuing the group at US$21.6 billion.