MIDDLE EAST

DP World in IPO

19 years ago

DP World is to undertake an initial public offering in which it intends to float 20% of its capital, which will be made available to global institutional investors, Gulf Cooperation Countries nationals and United Arab Emirates residents.

The company, which is worth about $20bn, has not announced how much it intends to raise by the flotation, but prefers to see what the market is prepared to pay.

Shares will be listed on the Dubai International Financial Exchange as from November 26.

In related news, the company has announced it is to spend approximately $300m on upgrading security at its 42 terminals worldwide. This will provide three levels of security: x-ray, radiation screening and optical character recognition.