Dubai’s Damac Said to Cut IPO Value as Shares Priced at Lowest - Bloomberg

Dubai’s Damac Said to Cut IPO Value as Shares Priced at Lowest - Bloomberg:

"Damac Real Estate Development Ltd., a Dubai-based property developer, is cutting the size of its initial public offering and likely to price shares at the bottom of the range, two people familiar with the matter said.
The offering in London is expected to raise $400 million, down from an earlier target of $500 million, with the global depositary receipts likely priced at the bottom of the $12.25 to $17.25 range, the people said, asking not to be identified because the pricing isn’t public. The closing of the IPO has also been postponed until Dec. 2, according to the people.
Al Firdous Holding and Sahira Co., controlled by Damac Properties Development Co. founder Hussain Sajwani, are planning to sell as much as 18.8 percent of the new real estate company. The company had said the IPO would price yesterday."

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