Originally I was suggesting about 3 dhs per share but now I think that's unlikely. Unfortunately, at anything less than 3 dhs a share, investors who are highly leveraged will be losing money due to the high oversubscription rate.
My guess is 2.00 - 2.50 dhs per share on flotation and will drop after that during the first week or two to below 2.00 dhs per share.
I'll wait a week then buy in if it's below 1.50 dhs per share.
I don't think it'll list in the next few days though. Mr Kazim told Emirates Today the other day he hopes listing within a month. See the Dubai Financial Market IPO topic.
I do agree with sharewadi that dhs 3 may be a bit too high as the PE ratio (if i am not wrong) goes up to 30. which is very expensive.
but anything below 3 will be non profitable for people no high leeverage.
the only thing i am cashing on is that this one imprtant share. the success of all the other ipos will be depending on this one. if this one fails then alll the others wont have the same response.
DFM IPO heavily oversubscribed. Very doubtful all those who subscribed were buying in for long term investment. Many would be leveraged and have loans to pay back, they'll have to sell at any price. I wouldn't be surprised if this one disappoints in a big way. What will save it is that at par, the PE is below 10, and IPO income will boost 2007 earnings to make it look good.
A good stock to buy but wait until the initial float excitement subsides and then buy in cheap. Unless it opens at or below par on the first day. _________________ UAE IPO list | posting guidelines
But is there any news that they have delayed the listing of the share so they will announce the Q1 figures and then list it.
Well, Mr Kazim (Chairman) said they hope to list within a month, that could be a mid March listing. Which, with the Dubai time allowance, could be stretched to beginning of April, giving them the opportunity to release Q1 figures. An interesting possibility. Haven't heard anything myself yet. _________________ UAE IPO list | posting guidelines
Dubai Financial Market (DFM) has announced that the listing of Dubai Financial Market Company will take place on Wednesday March 7, 2007.
DFM will be the 50th company to list its shares on the market and the trading will commence on Wednesday March 7, 2007.
The listing of ordinary shares of DFM company has been finalized and approved by Emirates Securities & Commodities Authorities. The company’s paid up capital is AED 8 billion consisting as many shares and the company recently offered 20 per cent or 1.6 billion shares to the public.
Essa Kazim, Chairman of DFMC said: “We are pleased to announce the listing of the first stock market in the region and the first Islamic stock market in the world. The listing announcement comes close on the heels of ESCA’s approval which is the last leg of the landmark IPO.”
He added: “Investors will now have the opportunity to add DFM shares to their existing portfolios and have a really diversified basket of investments. The company will be listed under Investment & Financial Services sector. As a run up to the listing, DFM requests investors who have been allotted DFM shares last month to register the shares with their respective brokers so as to be able to trade the shares.
DFM reported its 2006 profits, operating income and assets. Net profit stood at AED 797.5 million, operating income at AED 789 million and assets at AED 2.35 billion. A total of 16 new companies debuted on DFM in 2006 raising the number of listed companies to 46. These listings served to meet the demands of investors, providing diversified investment options of active and growing companies in the UAE and across the region.
The market also witnessed a record number of international new issues, with 13 overseas companies joining the DFM. DFM’s trading volume during 2006 touched 39.6 billion shares and volume of daily traded shares stood at 141.1 million shares. Volume of executed transactions reached 2.4 million and value of traded shares touched AED348 billion.
[edit] Added press release, renamed topic, see also DFM IPO for previous information [/edit]
DFM 25 february 2007:
(DFM) Dubai Financial Market: Announces the listing of DFM PJSC (DFM) and the trading of its shares on 07 March 2007.
Disclosure in Arabic, appears to have all details of the IPO and probably 2006 accounts. Should be a fun evening's entertainment wading through it all ... _________________ UAE IPO list | posting guidelines
Gulf News today had a full page with the DFM financial statements for 2006 and up to 07 February 2007. In English. Haven't seen them online yet but have added DFM 2006 annual report summary to SW website.
sharewadi wrote:
What will save it is that at par, the PE is below 10, and IPO income will boost 2007 earnings to make it look good.
Actually, what I said is not quite correct. PE is 10 at par. And what rookie said earlier is correct - PE of 30 at 3 dhs a share.
I'm now picking less than 2 dhs at open and falling from there down to about 1.50. _________________ UAE IPO list | posting guidelines
DFM Company is the 50th firm to list its shares on the Dubai bourse. An initial public offering had earlier pulled $436m in subscriptions. Meanwhile, Dubai shares fell 1.17% Tuesday as investors booked profits.
today market falls bec of dfm shares,opening prices between(1.80-2.00)
Dubai Financial Market shares started trading today, just in case anyone was wondering . And while Mr ESCA was ringing the bell at 10 am, the ESCA website didn't start showing DFM trades until 10:21. Maybe there was a technical problem at DFM? None of the DFM listed shares showed any trades before 10:21. But then there's no trades showing for any of the ADSM listed stocks so it may be a problem with the ESCA website. Will check more in a minute.
DFM 07 March 2007:
(DFM): Dubai Financial Market shares to start trading today, 7/3/2007
Press Release 06 March 2007:
Dubai Financial Market shares to start trading
Dubai: Following a highly successful initial public offering, and for the first time in the region, the trading of shares of Dubai Financial Market (DFM) will begin on Wednesday morning (March 7, 2007).
A ceremony to mark the occasion will be held on March 7, 2007, at 10 AM at the DFM. His Excellency Abdullah Salem Al-Turifi, Chief Executive Officer of Emirates Securities and Commodities Authority, will ring the bell to signal the start of trading of the world’s first Islamic stock market shares.
The historic listing ceremony will also be attended by Essa Kazim, Chairman of the DFM, along with Board of Directors and other senior management from DFM, Dubai Bank, lead manager of the IPO, and representatives of receiving banks. Senior representatives from the UAE Ministry of Economy will also be in attendance.
The DFM has initiated a multi-channel electronic communications awareness programme, including both local and pan-Arab radio and TV stations, to broadcast the listing ceremony. In addition to sending notifications to their investors via SMS messages.
DFM Company is the 50th company to list its shares on the market. The company is part of the “Investment and Financial Services” sector. The year 2006 was an extremely eventful one for the Dubai Financial Market (DFM), capped by the bourse’s own landmark AED1.6 billion initial public offering (IPO). This IPO, the first of its kind in the region, was highly oversubscribed and generated more than AED 201 billion. Among the year’s other highlights were a string of new listings by firms from across the region, bringing the total number of listed firms on the DFM to 49.
Another key event for the bourse during 2006 was DFM’s commencing the process of converting itself into the first international “Islamic” stock market. In terms of sectors, DFM also announced the regrouping of all listed companies into nine new sectors. The new structure is a reflection of DFM’s growth and the diversity of listed companies’ profiles and potential listings.
As the market continued to grow, DFM saw a need to review its Index and provide more indices as options for local and international investors and analysts. DFM launched its new index, DFMGI, in response to exactly such needs. The new DFMGI reflects price movements in a better and more clear fashion, and has been enthusiastically embraces by the investment community.
DFM also launched nine sectoral indices for the nine sectors, which will allow investors to compare the activity of any one sector against another by benchmarking with the DFMGI and the nine sectoral indices.
In line with its efforts to provide access to Dubai-quoted stocks for international investors, DFM and Dow Jones Indexes, a leading global index provider, also launched a new “Dow Jones DFM Index” to serve as an underlying point of reference for investment products such as mutual funds, exchange-traded funds and other financial products.
As part of its strategy to continuously invest and enhance the trading platform, DFM awarded a multi-million dollar contract to OMX, a leading expert in the stock market industry to provide a new trading system platform. Taking a cue from past experience, DFM expects trade volumes to grow exponentially in the near future and its IT investments are planned for just such anticipated growth.
DFM also launched a newly improved website that was released in Beta form during the course of the year. The website employs the most advanced technology, ensuring optimal response time, while conforming to the highest level of service continuity.
In terms of quality management, DFM also signed agreements two leading firms namely: ‘Team Power’ and ‘Profile Management’. These agreements were aimed at tracking customer satisfaction through regular surveys and research.
In the Emiratisation field, DFM has achieved a high level of Emiratisation, exceeding 80% of the market’s total human resources. DFM has always participated in career fairs, just one of several initiatives for recruiting and training UAE nationals and educating them about the intricacies of financial markets.
As part of its ongoing educational role, DFM has organised facility visits for more than 3,500 students in 2006 from various universities and schools in order to educate them about the job prospects in the financial markets. These visits have been taking place on an annual basis since the opening of the market in 2000. In addition, the market runs “Kafa’at,” a special training programme on investment and brokerage for UAE nationals. This programme features several courses wherein participants receive both theoretical and practical training about the DFM and other financial institutions in the UAE.
As well, more than 2,700 students from 38 educational institutions participated in an online stock trading game, which educated them in the skills involved in long-term equity investing.
One of the most important initiatives of the DFM in 2006 was its fundraising campaign to support those displaced by the war in Lebanon. This campaign was supported by DFM employees, brokerage firms, listed firms and investors. The bourse also participated in a two-month fundraising campaign to raise awareness about Thalassaemia in the region.
Volume (Shares) 357,641,447
Value (AED) 851,842,460
Day high was reached within the first 20 mins (I don't know exactly) and bottomed out just before 11 am, was up and down between low and about 2.40 for the rest of the day.
Total number of shares traded might be a record for one day, total value possibly a record if you exclude EMAAR from the list (and DIB's bogus share trades in 2005).
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? DFM blowing its own trumpet ...
. And while Mr ESCA was ringing the bell at 10 am, the ESCA website didn't start showing DFM trades until 10:21. Maybe there was a technical problem at DFM? None of the DFM listed shares showed any trades before 10:21. But then there's no trades showing for any of the ADSM listed stocks so it may be a problem with the ESCA website. Will check more in a minute.
