[edit] Future Pipe IPO prospectus now available online (pdf 166 pages). First page says you must read the disclaimer before reading the rest of it. [/edit]
"Future Pipe" or "Future Pipes"?
This is a new IPO ... I don't think I've started a topic already?
Dubai International Financial Exchange (DIFX), the international exchange attached to Dubai's financial district, could host new listings within weeks as Dubai-based interior design firm DEPA and Lebanese firm Future Pipes Industries launch IPOs to raise funds.
...
Future Pipes Industries, which manufactures pipes vital for the energy industry, plans to expand its operations, which already span the Middle East, Europe and US.
Owned by the family of Lebanese businessman and politician Fouad Makhzoumi, the offering is expected to be announced on Sunday.
"It's a great story for the region - people here want diversification and industry provides that for investors," said one banker.
Lebanon's Makhzoumis plan Future Pipe IPO in Dubai
Dubai - Lebanon's Makhzoumi family said on Sunday it plans to raise at least $400 million by selling shares to the public in Dubai-based Future Pipe Industries, a maker of fibre glass pipes used for city infrastructure.
The Makhzoumis, who set up Future Pipe in 1984, plan to sell as much as 35 percent of existing shares in the company in an initial public offering next month, and list the stock on the Dubai International Financial Exchange (DIFX), Chief Executive Rami Makhzoumi told reporters.
"The proceeds will be used to diversify the investments of the family," Makhzoumi said.
The offering will value the firm at between $1.4 billion and $1.8 billion, people familiar with the sale said.
This will be only the second time that a company lists its ordinary shares solely on the DIFX, which Dubai set up in 2005 to encourage local companies to sell shares to the public, and for foreign companies to tap growing regional wealth.
I saw a comment in the announcement yesterday about the Depa IPO dates that Future Pipes are launching their IPO on 13 April 2008. Haven't seen a closing date yet.
Reuters 06 April 2008:
The sale coincides with that of Dubai-based Future Pipe Industries, whose IPO starts on April 13. It aims to raise at least $400 million, people familiar with the transaction have told Reuters.
13 April 2008: UAE Retail Offer Application Period Begins
Application Forms & Summary Document available at Receiving Banks .
Full English Prospectus posted on the website: uae-ipo.com (available in the UAE only)
21 April 2008: UAE Retail Offer Application Period Ends (12:00 noon)
30 April 2008: Pricing and Allocation
Allotment confirmation sent by SMS
Early May 2008: Allotment Letters & Refund Cheques mailed.
Listing on the Dubai International Financial Exchange.
Trading Begins
Future Pipes IPO summary
uae-ipo.com 07 April 2008:
Issuer: Future Pipe Industries Group Limited
Currency: The Shares will be denominated in US Dollars.
Size of the UAE Retail Offer: To be determined.
Minimum Application Amount: AED20,000
Increments: AED5,000
Application Expenses: 1.00% of the Application Amount.
Eligibility: (A) UAE and other GCC nationals who are resident in the UAE or another GCC country;
(B) other UAE residents with a valid residency visa; and
(C) corporate entities organised under the laws of the UAE or another GCC country.
To be eligible, applicants must hold a securities account with one of the brokers listed below (each a “Broker”) and apply for shares in the UAE Retail Offer in person in the UAE or through an authorized representative applying in person in the UAE.
Minimum age for individuals: 21 years.
UAE Retail Offer Period: Expected between 13 - 21 April 2008
Allocation Policy: In the event that the aggregate applications for Shares accepted in the UAE Retail Offer exceed the number of Shares allocated to the UAE Retail Offer, each applicant whose application is accepted by the Company is expected to be allocated a minimum number of Shares equivalent to US$2,000 at the Offer Price, with the remaining Shares allocated among all such applicants on a pro-rata basis; provided that the Company reserves the right to lower such amount and to reject any application in whole or in part at its sole discretion.
Listing: Dubai International Financial Exchange.
uae-ipo.com 07 April 2008:
Future Pipe Industries: Key Facts About FPI
FPI is the global leader in the large diameter fiberglass pipe industry, developing, manufacturing and supplying pipe systems for a wide variety of applications and to a broad range of end markets.
The numerous applications of FPI pipes include distribution networks, transmission lines, water distribution, cooling and heating systems, sewer systems and drainage.
FPI’s end users include governments, municipalities and other state-owned enterprises, power generation companies and oil and gas exploration and production companies.
History
FPI was established in 1984 when Mr. Fouad Makhzoumi and other investors acquired Gulf Eternit.
FPI is currently wholly-owned by Future Management Holdings S.A. (which is wholly owned by FPI's Chairman and Chief Executive Officer)
Sales
Sales of $556.4 million in 2007.
Sales growth of 50.6% CAGR from 2005 to 2007.
Employees
Approximately 3,500 employees as at December 2007.
Global Reach
FPI serves customers: 50 countries.
The company has 11 factories located in 8 countries across the UAE, Saudi Arabia, Qatar, Lebanon, Egypt, Oman, the Netherlands and the United States.
FPI’s 22 sales offices are located in all of the company’s factory locations as well as in the United Kingdom, France, Spain, Turkey, Pakistan, Thailand, Singapore & Mexico. Representative offices are also located in China and Greece.
Machines
56 and set to increase – we have ordered 12 new machines to be deployed in the next 12 months.
FPI believes it possesses the largest number of fiberglass pipe manufacturing machines in the world.
Operational Structure
FPI is organized into four main divisions: Manufacturing, Supply Chain Management, Sales and Marketing and Technology and Engineering Developments.
Hi SW, is it possible to upload the prospectus and the subscription form at a different server so people outside UAE can also access? Access to uae-ipo site is blocked from outside UAE for some weird reason.
Hi SW, is it possible to upload the prospectus and the subscription form at a different server
Yes. I hadn't yet because it's not available in the UAE online either. I've posted what I thought were the most important bits of information from the website.
IPO website says prospectus available online on 13 April 2008. Reply here if I forget to post it, to remind me .
The reason the UAE IPO site is not available overseas is I think because UAE IPOs have selling restrictions in the USA, and several other countries. Perhaps the prospectus doesn't fully comply with financial legislation in those countries. _________________ UAE IPO list | posting guidelines
The reason the UAE IPO site is not available overseas is I think because UAE IPOs have selling restrictions in the USA, and several other countries. Perhaps the prospectus doesn't fully comply with financial legislation in those countries.
Yes, but then it would make sense only to block IP addresses from US. I am accessing it from Europe . Specially since they are looking for investments from foreign investors.
The Gulf News this morning carried an advertisement for the Future Pipe IPO saying there was only 1 day left to subscribe. That makes it sound like today is the last day, but I thought previous information said the IPO closed at midday tomorrow (21 April 2008)?
Did I make an error, or has something changed? Or am I just misunderstanding the GN advert this morning? _________________ UAE IPO list | posting guidelines
Hello hasan and welcome to the future-subscription-pipeline stock forums .
Interesting question. I didn't, and I haven't seen any news reports about subscription rates. I wonder if that means it wasn't heavily subscribed - usually companies fire out a press release to say how popular their IPO was. Sorry, I don't know any more than that...
Tomorrow is the date for Future Pipe (FPI) IPO pricing and share allotments - we may hear more then. _________________ UAE IPO list | posting guidelines
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