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DP World ups IPO to raise nearly $5bn on demand

DP World ups IPO to raise nearly $5bn on demand

Dubai: Dubai's DP World will raise up to $4.96 billion in its initial public offering after the company increased the size of the sale to 23% on investor demand, the company said in a statement.
The DP World IPO was intended to sell up to 20% of the company's shares to raise up to $4.3 billion.
The increase translates into 3.245 million shares, plus a 'greenshoe' of 572.7 million, amounting to 3.818 billion shares in a price range of $1.00 to 1.30.
Money from the offering will be used to pay off Islamic bonds Sultan Ahmed Bin Sulayem, chairman of DP World's parent Dubai World, said last month when the company announced the IPO.
The IPO is the biggest attempted in the Middle East. [20/11/07]

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