UAE's Daman Investments eyes IPO by 2012

SLOW REBOUND:Analysts expect IPO activity to gather steam again from 2010.(Getty Images)

UAE's Daman Investments on Tuesday said it may sell shares to the public by 2012 to tap opportunities in the Gulf region.

"We have taken a hard look at the markets and are confident our long term, positive view is justified," Managing Director Shehab Gargash said in a statement, adding it planned an initial public offering by 2012.

"Over the next three years the original shareholder base of Daman will be increased from 2 million shares to a maximum of 4 million shares," Daman said.

The investment firm was formed in 2000 by several prominent UAE investors. Daman acts as a parent company for several wholly-owned subsidiaries with activities ranging from asset management to private equity. Daman's IPO plans reflect the slow but gradual return of companies' appetite to return to the capital markets, a trend that came to a standstill as a result of the financial crisis.

Analysts expect IPO activity to gather steam again from 2010.(Reuters)

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