Damas plans IPO

20 August 2004
Dubai-based Damas Jewelleryhas mandated Emirates Financial Services (EFS)to manage its initial public offering (IPO) of AED 1,100 million ($300 million) of fresh capital, taking total capital to AED 2,000 million ($545 million). Subscription is due to be launched in November.

The IPO is among a series in the federation either to have already come to market in 2004 or in the pipeline. Subscription is due to close on 23 August to an IPO in Arabian Technical Construction Company (ATCC), having been launched on 14 August. The issue is being arranged by the local Shuaa Capitaland is under-stood to be attracting healthy investor interest (MEED 13:8:04).

As part of the privatisation of the former General Industries Corporation, the assets of which are now held by the newly-established General Holding Company, HSBC is managing an IPO due to be launched in September in Emirates Foodstuff & Mineral Water Company(MEED 30:7:04). Earlier in the year, IPOs in Amlak Finance and Finance Houseclosed heavily oversubscribed (MEED 14:5:04).

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