Dubai port firm nets 4.96 billion dollars in IPO

DUBAI, Nov 21, 2007 (AFP) - Dubai port operator DP World said on Wednesday that the proceeds of its initial public offering (IPO) totalled 4.96 billion dollars, making it the largest ever in the Middle East. The world's fourth largest container port operator said the IPO priced its shares at 1.

30 dollars -- the top of an indicative price range of one dollar to 1.30 dollar per share given at the launch on November 4. DP World had offered 17 percent of its 16.

6 billion shares, with the possibility of expanding the offer to 20 percent.

But this amount was increased due to strong demand to up to 23 percent, or 3,818 million shares, including an additional over-allotment option of 572.7 million shares.

With the over-allotment option, the proceeds of the IPO amount to 4.96 billion dollars, surpassing a 2003 IPO by Saudi Telecom which raised over four billion dollars.

The pricing implies that the market capitalisation of DP World is 21.6 billion dollars, the company said in a statement.

Sales of shares for individual investors in the United Arab Emirates ended on November 15, but institutional investors were able to buy shares until November 20, the company said.

The IPO was open to citiz