DP World increases size of stock offering
Dubai Ports World said it is increasing the amount it will sell in an initial public offering due to strong demand from investors for its stock.
The company originally proposed to sell a 20 percent stake to the public; that is being increased to 23 percent.
Total shares offered will be about 3.2 billion, though brokers have an overallotment option to sell up to 3.8 billion shares.
The shares are being offered by DP World’s sole shareholder, Dubai World, subsidiary Port & Free Zone World (P&FZ World), at an indicative price range of $1.00 to $1.30.
Sultan Ahmed Bin Sulayem, chairman of Dubai World and of DP World, said the company has “seen strong demand both internationally from institutional investors and in the UAE from retail investors for this unique investment opportunity. To help meet that demand we have decided to increase the offering.'
Final pricing and allocation is to be announced on or about Nov. 21. Shares are expected to be listed on the Dubai International Financial Exchange Nov. 26.
DP World increases size of stock offering
