Author: Gordon Platt
Depa, a Dubai-based provider of interior contracting services, selected Deutsche Bank as depositary institution for its global depositary receipt program. The company raised $432 million in the form of shares and GDRs, including the granting of an over-allotment option to underwriters Global Investment House, The National Investor (TNI), Morgan Stanley and UBS Investment Bank.
The flotation was the third primary listing on the Dubai International Financial Exchange and the first by a privately held local company. It gave Depa a market capitalization of more than $1 billion.
The GDRs were admitted to the official list of the London Stock Exchange. Deutsche Bank operates the GDR program under Regulation S and Rule 144A of the US Securities and Exchange Commission.
Depa recently won a $100 million contract to fit out 13 metro stations on one of two urban railway lines under construction in Dubai. Depa also holds a 55% stake in a joint venture with Singapore-based Design Studio Furniture Manufacturer to tap opportunities in Southeast Asia.
Depa plans to use the proceeds of its IPO to acquire new companies and to establish manufacturing facilities. Its Southeast Asian venture, DDS Asia Holdings, is seeking contracts in the hospitality and commercial sectors in Singapore, Malaysia, Thailand, Indonesia and Vietnam.