DP World investigates IPO in London & Dubai

by Rob Corder Monday, 30 April 2007

Dubai Ports World has appointed Deutsche Bank and Shuaa Capital to investigate options for listing a minority stake of the company on London and Dubai stock markets.

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It is not the first time that DP World has looked to the stock market to raise capital. Only last year, the company backed away from a plan to sell around 20% of its shares on the London Stock Exchange amid tough trading conditions.
Last year's sale, which was being managed by Deutsche Bank and Merrill Lynch, was expected to value the company at around $12 billion had it gone ahead.

DP World is expected to make a decision on its options after the summer. It is hoped that trading conditions will be favourable in both Dubai and London at that time.

Unnamed banking sources quoted in a report in British newspaper The Times say that the Dubai government is expected to retain a majority stake in the business.

An initial public offering (IPO) for DP World will not be a free-for-all. The company raised £2 billion in bank loans from Deutsche Bank and Barclays Capital and a further £1.9 billion from the sale of a sukuk bond in order to fund the purchase of P&O last year.

Holders of the sukuk bond will have first-refusal to buy shares in a DP World IPO if it takes place before November this year.



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