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It would be the first major property firm in the United Arab Emirates to launch an initial public offering IPO since the property market collapsed in , after similar plans by family-owned Al Habtoor Group were shelved last year. An IPO by a big Dubai name would also jolt moribund equity markets in the region. The last listing on the Dubai Financial Market index was in March , while the Abu Dhabi bourse has seen only a couple of minor sales since The IPO plan is at an initial stage and it was not clear whether the listing was planned in Dubai or in another international market.
No details on the potential valuation for the business was available. Damac, formed in , has completed 37 buildings and has another 66 buildings under construction across the Middle East and North Africa region. Damac's catering business is held as an example: he built a good business from the basic idea of feeding workers in the oil services sector.
So, you might think, all the ingredients are there for a successful IPO, especially against the backdrop of the recovery in the Dubai property market. But it is still very early days. In the words of one senior banker involved in the plans, "it's super-premature". There is not much in the public domain about the condition of Damac finances, so speculation about values and market capitalisations is even vaguer than usual.
There are also some legal issues to be resolved. Mr Sajwani found himself at the wrong end of an Egyptian court decision recently that alleged he was tied in with the Mubarak regime. Talks continue about a resolution of these problems, but it would be good to have them out of the way before the lawyers and bankers got round to drafting an IPO prospectus.
Then there is the thorny question of where to list the shares. With the origins of the business in Dubai, you might have thought a listing on one of the emirate's markets was a foregone conclusion, but it isn't necessarily so. There has been some talk that Damac might go for London as a market that understands property and where potential investors are located; even that Hong Kong, as a market that understands the luxury sector, might be more appropriate.
Of course, if the company got far enough down the IPO road and decided on a Dubai listing, it would still have to make the choice between the Dubai Financial Market and Nasdaq Dubai. Some market executives believe it might be possible to construct some form of dual listing on the two markets, as was considered for Al Habtoor, but this would require the approval of Dubai policymakers.
There is a lot of work still to do before we can get too excited about a Damac IPO. Premature just now to get too excited about a Damac IPO Markets are dying to get the IPO ball rolling again, but there is a big difference between a company announcing it is considering one and the stage of first day trading. Frank Kane.
LONDON, Nov 26 (IFR) - Dubai property firm Damac Real Estate has sent out a covered message on its USDm London IPO indicating the deal is. LONDON, Nov 25 (IFR) - The USDm London IPO by Dubai-based Damac Real Estate is 75% covered, and the deal is set to price on Tuesday. Damac to raise $m in London IPO Dubai luxury housing developer DAMAC Properties said it plans to raise as much as $ million from an initial public share.