Depa, a leading provider of interior contracting services in the Middle East and North Africa, has listed its shares on the Dubai International Financial Exchange (DIFX) and Global Depositary Receipts on the regulated market for listed securities of the London Stock Exchange (LSE) following a successful international and local initial public offering. The shares will begin trading at $1.55 per share and $7.75 per GDR. Depa offered 253,551,055 ordinary shares in the form of shares and GDRs, each representing five shares and granted an over-allotment option to purchase an additional 25,355,106 shares at the offer price (the over-allotment option) to Morgan Stanley, UBS Investment Bank, Global Investment House and The National Investor. Including the over-allotment option, the gross proceeds of the IPO amount to $432 million. Depa said it intends to use the net proceeds it receives pursuant to the offering to acquire new companies operating in the interior contracting and procurement fields; acquire support manufacturers; establish new joineries and other manufacturing factories in new markets as well as markets in which it already operates; working capital needs; and other general corporate purposes. Abdullah Al-Mazrui, chairman, Depa, said: “This is an exciting day for Depa and we are proud to be the first privately-owned UAE business to list on the DIFX. We have been able to form a respected international and regional institutional investor base which serves as a fantastic platform from which to start life as a publicly listed company.”
