Damac IPO Will Value Homebuilder at as Much as $3.7 Billion - Bloomberg

Damac IPO Will Value Homebuilder at as Much as $3.7 Billion - Bloomberg:

"Damac Real Estate Development Ltd. said its U.K. initial public offering will create a homebuilder with a market value of as much as $3.7 billion.
Al Firdous Holding and Sahira Co., controlled by Damac founder Hussain Sajwani, will offer depositary receipts in Damac for $12.25 to $17.25 each, according to a statement today. The sale of as much as 18.8 percent of the company will raise at least $500 million and the market value will be a minimum of about $2.7 billion, the statement showed.
The IPO will be the first by a Dubai-based developer since the sheikhdom’s property market started to recover from one of the world’s worst property crashes in 2008. Damac was valued by analysts at $3.9 billion to $5.4 billion, three people briefed on the process said on Nov. 4."

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