Damac sets its flotation price

City A.M. Reporter
DUBAI luxury housing developer Damac Real Estate yesterday kicked off the book-building process for its initial public offer of shares in London, the first float by a Dubai property firm since the emirate’s real estate crash four years ago.

Firms controlled by Damac chair Hussain Sajwani expect to sell at least $500m (£311m) of Global Depositary Receipts and up to 18.8 per cent of the firm, plus an over-allotment option of 15 per cent.

Each GDR would represent three ordinary shares; Damac set an indicative price range of $12.25 to $17.25 per GDR, implying a market capitalisation for the company of $2.65bn to $3.74bn.