International ports operator, DP World on Monday listed on the Dubai International Financial Exchange (DIFX) in the Middle East’s largest initial public offering (IPO), valued at $4.96 billion.
Turnover in the company’s shares on the first day of trading totaled more than US$ 400 million, with 303 million shares traded, making it the most actively traded stock in the UAE on that day. The share price rose from $1.30 to close at $1.36, an increase of 4.6%.
Soud Ba’alawy, Chairman of the DIFX, announced that:
“DP World’s listing is a milestone for the DIFX in its growth as a leading international trading platform. It highlights the emergence of the exchange as the ideal market for companies seeking international and regional institutional investment, together with retail investment from the exchange’s own wealthy region.”
Per E. Larsson, Chief Executive of Borse Dubai and of the DIFX, added:
"The DIFX is excited to have hosted such a successful first day of trading in DP World shares. DP World is an ‘anchor’ listing that underlines the strong links that the exchange has created with international and regional brokers and investors."
Hamed Ali, Executive Officer of the DIFX, concluded:
“We are pleased that DP World’s IPO included many retail subscribers in the UAE and the rest of the GCC region. Retail trading on the DIFX is a simple process, with investors having a choice of a large number of retail brokers."
This is the first IPO to list exclusively on the DIFX, and the offering was oversubscribed more than 15 times.
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