Damas Raises $270.6 Mln Ahead of IPO
July 02, 08
The Damas jewelry group lowered the pricing of its stock to $1 per share, and institutional investors responded favorably, purchasing 270.6 million shares in an initial sale, the company stated. The company is expected to be listed on the Dubai International Finance Exchange on July 8.
Arab Gulf and European investors reportedly took the lead in the investment. Credit Suisse Group and HSBC Holdings have an option to buy another 15 percent, or 40.6 million shares, at that price within 30 days of the company’s listing.
The results give the Dubai-based company a $968.6 million market capitalization.
Damas is an international jewelry retailer and manufacturer with 438 stores, most of them in the Arab world.