GNH IPO surpasses target

DUBAI — The $248 million initial public offering of United Arab Emirates shipping firm Gulf Navigation Holding (GNH) has been around 30 times oversubscribed, sources close to the deal said yesterday.

By (Reuters)

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Published: Tue 8 Aug 2006, 10:41 AM

Last updated: Sat 4 Apr 2015, 2:09 PM

The offer of 910 million new shares at Dh1 ($0.272) each closes later in the day, having opened on July 24 amid some concern that a regional stock market slump had hurt demand for new share issues. "The IPO has been around 30 times oversubscribed and there is still more to time go," one source familiar with the transaction told Reuters.

The figure was confirmed by a second source close to the company.

Demand for Gulf IPOs, especially those in the UAE, has been strong overall as investors have been virtually guaranteed a quick profit when the shares started trading.

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