Dubai port operator DP World announced on Sunday that it will sell around 20 percent of its shares in an initial public offering (IPO) starting on November 4. DP World, one of the world's largest container-port operators, declined to declare the value of the IPO, saying only that an indicative price range will be announced shortly before the offering is launched.
Shares will remain on sale until November 15, while a minimum value for a single underwriting was set at 6,000 dollars, the company said at a news conference. The offered shares of the Dubai government-controlled company will be listed by the end of November on the two-year-old Dubai International Financial Exchange (DIFX), it said.
"We are delighted it will be the first home-grown Dubai company to be listed on the DIFX," said Sultan Ahmed bin Sulayem, chairman of Dubai World and its subsidiary DP World.