DUBAI, 5 November 2006 — Dubai Financial Market (DFM) yesterday shared details of its upcoming initial public offering (IPO). DFM intends to raise AED1.6 billion ($435 million) by offering 1.6 billion shares through its IPO. The subscription will open on Nov. 12 and close on Nov. 23. The Ministry of Economy has approved the paid-up share capital of DFM as AED8 billion comprising eight billion shares, fully owned by the government of Dubai the existing shareholder, who in turn will be offering 1.6 billion shares representing 20 percent of the paid up capital through the IPO. Each share offered through the IPO is priced at AED1. In addition, there will be an “offering cost” of AED0.03 per share, which will be used to cover all costs and expenses incurred on the IPO. The 1.6 billion shares of the upcoming IPO will de divided into two offerings, the private offering of 720 million shares and public offering of 880 million shares.
