der Hafen von Dubai -der viertgrösste Hafen der Welt-, zu 1,30$ an der Börse von Dubai ,bringt 4,96 Milliarden Dollar und ist damit die grösste IPO im mittleren Osten bisher.Notierung ab 26.November Privatanleger konnten Aktien vom 4. bis zum 15. November erwerben. Die Frist für institutionelle Investoren endete am 21. November.
DUBAI — Dubai World yesterday said it has priced shares in the initial public offering (IPO) of its global marine terminal operator DP World at $1.30 per share.Dubai World subsidiary Port & Free Zone World (P&FZ World) has offered 23 per cent of the shares of DP World, amounting to 3.818 billion shares, including 3.245 billion shares plus up to an additional 572.7 million shares available through the greenshoe over-allotment option.
Chairman of Dubai World and of DP World, Sultan Ahmed bin Sulayem said the proceeds of the IPO — which has been oversubscribed by more than 15 times — amount to $4.96 billion (including the greenshoe option) making it the largest IPO ever in the Middle East.
While international institutional investors and retail investors in the UAE were allowed to participate in the IPO, a portion was also allocated to holders of the PCFC convertible Islamic bond that was issued in January 2006. Excluding 25 per cent of the shares expected to be allocated to sukuk holders, approximately 10 per cent of the shares offered will be allocated to retail investors, with the rest to institutional investors. Accepted applicants in the UAE retail offer will receive a minimum allotment of 3500 shares with allocation pro rated thereafter.
According to research by Dubai-based Shuaa Capital, one of the four arranging banks, DP World’s net profit is expected to rise 55 per cent next year to $564 million, $630 million in 2009 and as much as $923 million in 2011. That values the company at 38 times expected 2008 earnings. DP World posted sales of $2.1 billion last year. Operating profit is projected increase 37 per cent to $964 million this year and $1.54 billion in 2010.
The IPO opened on November 4, with the UAE retail offer closing on November 15 and the institutional offering closing on November 20.
The shares are expected to be listed on the Dubai International Financial Exchange on November 26.
DP World raised the size of the sale to 23 per cent of its equity from 20 per cent to meet demand. The money raised is expected to help repay $3.5 billion of Islamic bonds and provide cash to the Dubai government.
"We are delighted with the response to the IPO and pleased so many investors want to share in the future of DP World. The fact the IPO has been so heavily oversubscribed reflects the market's confidence in the business, its management, and the company's potential in the future," said Sulayem.
"There was strong demand for the shares internationally amongst institutions, similar to that we experienced with our bond and sukuk issues in June, and DP World will have a solid base of international investors who are looking to grow value over time," he said. " Orders were particularly strong from institutional investors in the UAE and in the US and Europe."
"But importantly, we also saw strong demand from retail investors throughout the UAE, and Dubai in particular, and from both UAE residents and other GCC nationals. We said when we launched the IPO earlier this month that we were keen investors in our home market participated in DP World's future. The allocation we have agreed on will see all those whose applications were accepted receiving at least 3500 shares." "We believe the combination of price and allocation strikes a good balance between stability and liquidity for the secondary market."
"This is an important step for Dubai World and for Dubai. We look forward to sharing our success with shareholders into the future." The company is the world's fourth largest marine terminal operator with 42 terminals in 22 countries. DP World CEO Mohammed Sharaf said the container terminal operator will continue to expand.
www.khaleejtimes.com/..._November625.xml§ion=business&col=
The Dubai-based airline Emirates may seek to raise $9 billion should the government approve an offering. Emirates said this month that it might sell a 30 percent stake. The company president, Tim Clark, has said the company may be worth $30 billion.
DUBAI — Dubai World yesterday said it has priced shares in the initial public offering (IPO) of its global marine terminal operator DP World at $1.30 per share.Dubai World subsidiary Port & Free Zone World (P&FZ World) has offered 23 per cent of the shares of DP World, amounting to 3.818 billion shares, including 3.245 billion shares plus up to an additional 572.7 million shares available through the greenshoe over-allotment option.
Chairman of Dubai World and of DP World, Sultan Ahmed bin Sulayem said the proceeds of the IPO — which has been oversubscribed by more than 15 times — amount to $4.96 billion (including the greenshoe option) making it the largest IPO ever in the Middle East.
While international institutional investors and retail investors in the UAE were allowed to participate in the IPO, a portion was also allocated to holders of the PCFC convertible Islamic bond that was issued in January 2006. Excluding 25 per cent of the shares expected to be allocated to sukuk holders, approximately 10 per cent of the shares offered will be allocated to retail investors, with the rest to institutional investors. Accepted applicants in the UAE retail offer will receive a minimum allotment of 3500 shares with allocation pro rated thereafter.
According to research by Dubai-based Shuaa Capital, one of the four arranging banks, DP World’s net profit is expected to rise 55 per cent next year to $564 million, $630 million in 2009 and as much as $923 million in 2011. That values the company at 38 times expected 2008 earnings. DP World posted sales of $2.1 billion last year. Operating profit is projected increase 37 per cent to $964 million this year and $1.54 billion in 2010.
The IPO opened on November 4, with the UAE retail offer closing on November 15 and the institutional offering closing on November 20.
The shares are expected to be listed on the Dubai International Financial Exchange on November 26.
DP World raised the size of the sale to 23 per cent of its equity from 20 per cent to meet demand. The money raised is expected to help repay $3.5 billion of Islamic bonds and provide cash to the Dubai government.
"We are delighted with the response to the IPO and pleased so many investors want to share in the future of DP World. The fact the IPO has been so heavily oversubscribed reflects the market's confidence in the business, its management, and the company's potential in the future," said Sulayem.
"There was strong demand for the shares internationally amongst institutions, similar to that we experienced with our bond and sukuk issues in June, and DP World will have a solid base of international investors who are looking to grow value over time," he said. " Orders were particularly strong from institutional investors in the UAE and in the US and Europe."
"But importantly, we also saw strong demand from retail investors throughout the UAE, and Dubai in particular, and from both UAE residents and other GCC nationals. We said when we launched the IPO earlier this month that we were keen investors in our home market participated in DP World's future. The allocation we have agreed on will see all those whose applications were accepted receiving at least 3500 shares." "We believe the combination of price and allocation strikes a good balance between stability and liquidity for the secondary market."
"This is an important step for Dubai World and for Dubai. We look forward to sharing our success with shareholders into the future." The company is the world's fourth largest marine terminal operator with 42 terminals in 22 countries. DP World CEO Mohammed Sharaf said the container terminal operator will continue to expand.
www.khaleejtimes.com/..._November625.xml§ion=business&col=
The Dubai-based airline Emirates may seek to raise $9 billion should the government approve an offering. Emirates said this month that it might sell a 30 percent stake. The company president, Tim Clark, has said the company may be worth $30 billion.
