Depa plans primary DIFX listing

Plans for the first listing of a privately-owned UAE company on the Dubai International Financial Exchange (DIFX) have been announced.

Depa, a provider of interior decorating services, announced on Wednesday that it plans a primary listing of its shares on the DIFX and a listing of global depository receipts (GDRs) on the London Stock Exchange.

Morgan Stanley has been appointed global coordinator, and will also as joint bookrunner and joint lead manager with UBS Investment Bank. Global Investment House and The National Investor have also been appointed joint lead managers. Mashreq has been appointed lead receiving bank.

Depa will offer the shares and GDRs in a global offering to institutional investors. In the UAE, the shares will be offered to certain eligible residents and corporates in the Emirates with qualifying investment accounts.

The price of the securities will be in dollars and established through a book building process.

Abdullah Al Mazrui, chairman of Depa, said: "The listing is the next step in our development as we look to exploit strong expansion opportunities across the fast growing developing countries of the MENA and South Asia region. Economic growth has fuelled the number of construction projects in the hospitality, residential and commercial property sectors and this gives us a highly visible and high quality project pipeline.

"Consequently we see this as an appropriate time to approach both regional and international investors to participate in that opportunity and our company's future."

Depa plans to use the funds for working capital, as well as to establish joineries and other manufacturing factories in new and existing markets. It also plans to acquire more factories and other companies in the interior contracting and procurement fields.

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