By: Mike Gallagher Luxury interior contractor with clients such as Burj Dubai, Burj Al Arab Hotel and Emirates Palace Hotel, lists shares on DIFX and GDRs on London Stock Exchange.
Depa, a UAE-based provider of interior contracting services in the Middle East and North Africa, has listed its shares on the DIFX under the ticker DEPA, and Global Depositary Receipts (GDRs) on the London Stock Exchange (LSE), under the ticker DEPA and DEPS, following a successful international and local initial IPO. The shares will begin trading at $1.55 per share and $7.75 per GDR. Depa offered 253,551,055 ordinary shares in the form of shares and GDRs, each representing five shares and granted an over-allotment option to purchase an additional 25,355,106 shares at the offer price to Morgan Stanley, UBS, Global Investment House and The National Investor (TNI). Including the over-allotment option, the gross proceeds of the IPO amount to $432 million. Depa was exclusively profiled in the April 2007 edition of Private Equity & Hedge Funds Middle East and chief executive Mohanned Sweid then described the process in whereby TNI and other investors came on board. “We did our valuation based on our knowledge of our company. We knew what the benefits of making the deal work were. A lot of the interior business is very fragmented and is mostly family owned, all over the world. There are not many large companies like Depa out there.” Allen & Overy advised Depa on the IPO, and corporate partner Khalid Garousha said, "The deal is very significant, being the first listing of a privately held UAE company on the DIFX. It symbolises that, despite challenging conditions in the world's financial markets, the Middle East markets are still resilient and companies such as Depa continue to thrive and seek opportunities for growth globally."
Depa offered 253,551,055 ordinary shares in the form of shares and GDRs, each representing five shares and granted an over-allotment option to purchase an additional 25,355,106 shares at the offer price to Morgan Stanley, UBS, Global Investment House and The National Investor (TNI). Including the over-allotment option, the gross proceeds of the IPO amount to $432 million.
Depa was exclusively profiled in the April 2007 edition of Private Equity & Hedge Funds Middle East and chief executive Mohanned Sweid then described the process in whereby TNI and other investors came on board. “We did our valuation based on our knowledge of our company. We knew what the benefits of making the deal work were. A lot of the interior business is very fragmented and is mostly family owned, all over the world. There are not many large companies like Depa out there.”
Allen & Overy advised Depa on the IPO, and corporate partner Khalid Garousha said, "The deal is very significant, being the first listing of a privately held UAE company on the DIFX. It symbolises that, despite challenging conditions in the world's financial markets, the Middle East markets are still resilient and companies such as Depa continue to thrive and seek opportunities for growth globally."
