7 Days 12 Jun 2006 wrote:Damac plans IPO within three years
UAE property developer, Damac Holding, said it will definitely transform itself into a publicly listed company over the next three years. The company also expects to see the total number of its projects to rise from dhs15 billion, today, to a whopping dhs 50 billion by 2009. This is the first time Damac has publicly commented on its financials.
Speaking exclusively to 7DAYS, Damac chairman, Hussein Sajwani, said the company hoped to list on a Dubai exchange.“In the coming three years we definitely want to go public and get listed. We want to continue to be a premiere, high-end, quality product provider to our customers,” he said.
Sajwani effectively ruled-out any chance of listing the firm on the fledgling Dubai International Financial Exchange (DIFX), despite the fact the firm has embarked on an international level expansion plan. “I favour listing on a Dubai market,” he said. “Dubai Financial Market (DFM) would be my favourite choice, but of course we are waiting for some of the rules and regulations to be amended, which are in the pipeline.”
Damac recently announced projects in Qatar and Abu Dhabi and will formally announce a development in a key area of Beirut in front of the Venezia Hotel. It also hopes to launch a project in Amman, Jordan by August. “We have been surveying markets as far as China and as far as Morocco,” Sajwani said.
“We hope to be in about 12 countries over the next three years, although our plans are for mainly the Middle East or places three or four hours flying distance.”
Gulf News 31 Aug 2007 wrote:"The 55 per cent ceiling was totally unacceptable and was the top barrier to companies going public. A 20 per cent ceiling would have been even better," said Hussain Sajwani, chairman of Damac Holding. He said Damac Holding may now consider launching IPOs for some of its companies.
"Reuters 03 April 2013" RPT-Dubai developer Damac plans share listing - sources
Wed Apr 3, 2013 12:11am EDT
(Repeats story originally issued on Tuesday with no changes to text)
By Dinesh Nair and Praveen Menon
DAMAC Properties (DAMAC), a privately-held Dubai developer, is considering listing its shares on the stock market and has approached banks with proposals for advisory roles as it bets on a recovery in the emirate's real estate market.
The developer has submitted requests to a handful of leading international banks, three sources aware of the plan said, speaking on condition of anonymity as the matter is not public.
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 2009, 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 2009, while the Abu Dhabi bourse has seen only a couple of minor sales since 2008.
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 said a potential IPO is one of the options considered for the company's future growth but gave no additional details.
"As a company of our size and scope, we are continually looking at all growth possibilities and an IPO is one of these routes," said Niall McLoughlin, senior vice president at DAMAC Properties.
Dubai's property market has recovered gradually in the last one year after a 60 percent plunge in prices as investors fled the emirate following the global financial crisis.
"The Dubai real estate sector is pretty hot right now so they would want to capitalise on that sentiment," said one equity banker, declining to be named as he was not allowed to speak to the media.
"They are one of the biggest developers in Dubai - when you're driving around, you see their billboards everywhere - and the obvious comparison, Emaar Properties (EMAAR), has been doing pretty well recently."
Emaar Properties' shares have risen 36 percent year-to-date on the back of increased revenue from hospitality and retail businesses.
The developer has approached banks, including HSBC, Deutsche Bank, Morgan Stanley and Goldman Sachs, the sources said.
The company is yet to pick an advisor for the proposed float, the sources said.
Led by Hussain Sajwani, DAMAC symbolised the flamboyance in Dubai's property market during the boom years, handing out sports cars and luxury yachts to customers of penthouses and duplex homes.
The developer slowed down during the downturn but returned with new projects as Dubai's real estate market stages a gradual recovery.
DAMAC, formed in 2002, has completed 37 buildings and has another 66 buildings under construction across the Middle East and North Africa region. It recently announced a plan to build a $1 billion development in partnership with Viacom Inc's Paramount Group. (Additional reporting by David French; Editing by Louise Heavens)
"Reuters 17 September 2013" Dubai's DAMAC picks Deutsche, Citi for London IPO -sources
DAMAC Properties, a privately held Dubai property developer, has hired Deutsche Bank and Citigroup Inc to help arrange an initial public offer of its shares in London, two banking sources aware of the matter said.
The company had said in April that an IPO was one of the options being considered for the company's future growth, after Reuters reported DAMAC had reached out to banks with proposals for advisory roles.
A spokesman for DAMAC declined to comment on Tuesday, but reiterated that the company was looking at all future growth possibilities. Deutsche Bank declined to comment, while a spokesman for Citigroup in Dubai was not immediately available for comment.
A London listing by DAMAC would make it the first major property firm in Dubai to conduct an IPO since the emirate's property market collapsed in 2009. IPO plans by family-owned Al Habtoor Group were shelved last year.
Dubai's property market is now recovering after a 60 percent plunge in prices, but it will still be a challenge for a real estate firm from the emirate to sell shares in an overseas market, one of the banking sources said.
"It will be a big achievement if they are able to pull off an overseas listing. Dubai's real estate market is recovering but there is still a lot to be done in the sector before they can venture into an overseas market," the source said, speaking on condition of anonymity as the matter is not public.
The source said the fact that the company had resolved its pending issues with the Egyptian government would help it focus more on the IPO. Egypt said in May that it had settled disputes with DAMAC involving projects dating back to the Hosni Mubarak era, before Mubarak was deposed as Egyptian president in 2011.
Led by Hussain Sajwani, DAMAC symbolised the flamboyance of Dubai's property market during the boom years, handing out sports cars and luxury yachts to customers of penthouses and duplex homes. The developer slowed down during the downturn but has now returned with new projects.
DAMAC, formed in 2002, has completed 37 buildings and has another 66 buildings under construction across the Middle East and North Africa. It recently announced a plan to build a $1 billion development in Dubai in partnership with Viacom Inc's Paramount Group.
"Reuters 25 November 2013" London IPO of Dubai's DAMAC 75 pct covered before Tuesday pricing
By Abhinav Ramnarayan
LONDON, Nov 25 (IFR) - The $500 million London initial public offer of shares by Dubai-based DAMAC Real Estate (DAMAC) is 75 percent covered, and the deal is set to price on Tuesday, according to a lead.
The property firm opened roadshows on the IPO on Thursday, Nov. 14, setting a price range of $12.25-17.25 per Global Depositary Receipt.
Proceeds are fixed at $500 million, so the freefloat will range between 15 and 21.7 percent depending on the final price. This values the company at between $2.65 billion and $3.74 billion.
Hussain Sajwani, the full owner of the firm, will sell up to 18.8 percent of the share capital and provide a secondary greenshoe.
A major selling point in the deal is the yield on offer. The pricing range implies a yield based on the 2014 dividend of 9.5 prcent at the top, rising to 13.5 percent if the deal is priced at the bottom.
The deal is scheduled to price on Tuesday so that trading can begin on Wednesday, ahead of the Thanksgiving holiday in the United States.
The company's decision to launch an IPO is an indication of just how far sentiment has changed on Dubai property since the real estate crash of a few years ago.
"Rental prices have continued to grow, so the underlying (property) prices have also grown over the last seven quarters. The decision to launch was grounded in the fundamentals, and the expectation that growth will continue," DAMAC chief financial officer Adil Taqi told IFR when the IPO was first announced.
If successful, the deal will provide encouragement to other Gulf property firms to turn to capital markets. In fact, Abu Dhabi-based Aldar Properties (ALDAR) is currently in the market for an Islamic bond.
Citigroup and Deutsche Bank are joint global co-ordinators and bookrunners on DAMAC. Samba Capital and VTB Capital are co-lead managers.
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"Bloomberg 03 December 2013" Dubai’s Damac Prices London IPO at $12.25, Bottom of Range
By Zainab Fattah
Damac Real Estate Development Ltd. (DMC) (DAMAC), a Dubai-based property developer, priced its London-listed global depositary receipts at $12.25 each, the bottom of its range, in an initial public offering that values the company at about $2.65 billion.
The offering in London is expected to raise as much as $348 million, the company said in a statement today. Damac had previously set a target of at least $500 million, with an indicative price range of $12.25 to $17.25 per GDR. The GDRs, equal to three ordinary Damac shares, are due to start trading on Dec. 6.
The decision to price the GDRs at the low end of the range indicated that “the interest wasn’t as good as expected and initial trading may show volatility,” said Sanyalaksna Manibhandu, a senior analyst at NBAD Securities LLC. Tracker funds seeking to increase their real estate investments in the United Arab Emirates may see better alternatives in Dubai and Abu Dhabi’s stock markets, Manibhandu said.
Al Firdous Holding and Sahira Co., controlled by Damac Properties Development Co. founder Hussain Sajwani, said they plan to sell as much as 18.8 percent of the new real estate company. The offering, the first for a Dubai-based developer since the sheikhdom’s real estate market crashed in 2008, is testing the appetite of global investors for the city’s recovering property market.
Damac may offer an additional 15 percent of the IPO by using what’s known as an over-allotment option, which could increase the proceeds to $400 million. The GDRs will be listed under the symbol DMC.
Stocks of London-listed companies that don’t do business in Europe don’t tend to perform well in the long term, according to Manibhandu, whose firm was ranked third among 48 brokerages by value traded on the Dubai Financial Market in October. As a result, Damac may seek a dual listing in the U.A.E. at some point, he said.
A Damac spokesman, who asked not to be identified in line with company policy, declined to comment.
Citigroup Inc. and Deutsche Bank AG, along with Samba Capital and Investment Management Co. and VTB Capital Plc, are managing the IPO.
"Mashreq Securities 11 January 2015" Symbol Name (Arabic): شركة داماك العقارية دبي ش.م.ع
Symbol Name (English): Damac Properties Dubai Co PSC
Trading Symbol: DAMAC
Sector: Real Estate & Construction
Listing Date: 12/01/2015
Issued Shares: 5,000,000,000
Reference Price: TBD
Trading Price Limits: No price limits (up or down) on first day of trading, starting from 2nd day of trading, normal limits would apply
Board ID (X-stream): 510
Category, Max Ownership
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