Dubai's Damas prices IPO shares at $1

by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 02 July 2008

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DAMAS IPO: Dubai-based jewellery group Damas said on Wednesday it priced shares in an initial public offering at $1 each. (Getty Images)

Dubai-based jewellery group Damas said on Wednesday it priced shares in an initial public offering at $1 each, the bottom end of the range, and raised about $270.6 million.

Shares of the family-controlled firm will list on the Dubai International Financial Exchange (DIFX) on or around July 8, the firm said in a statement.

Damas said it sold 270.58 million ordinary shares to institutional investors from the Gulf Arab region and Europe. Last month, it said it would price the shares at between $1 and $1.14 each.

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HSBC Bank and Credit Suisse Securities have 30 days from the listing date to exercise an over-allotment option of up to 15 percent of the total shares sold in the IPO, it added. (Reuters)

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