The private placement attracted strong demand from about 250 GCC individuals and institutions invited to participate in joining the founding shareholders, Crescent Petroleum, Sajaa Gasand United Gas Transmissions Company, all locally-based. The IPO will be open to both GCC and international investors. Dana Gas will own part of Crescent Natural Gas Company, currently owned by Crescent Petroleum, which has a gas supply agreement with Iran.

Also due to come to market in September is an IPO through the Dubai International Financial Exchange and the London Stock Exchange of shares in Beirut-based telecoms operator Investcom. At least 25 per cent of the company’s capital is expected to be offered. Investcom has assets in several countries, including Syria, Sudan and Yemen. Citigroup and HSBC are arranging the IPO.