Man Industries' $50 million GDR to be listed on the DIFX

DUBAI — Dubai Bank announced yesterday that the $50 million Global Depositary Receipt ("GDR") to be issued by Man Industries, the first ever to be launched in the UAE and Gulf, was imminently going to be launched in the regional capital markets and listed on the Dubai International Financial Exchange ("DIFX").

By A Staff Reporter

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Wed 1 Mar 2006, 9:46 AM

Last updated: Sat 4 Apr 2015, 3:26 PM

Dubai Bank is acting as Joint Lead Manager, Sponsor and Bookrunner with ICICI Securities.

"Man Industries is the first issuer from Asia to issue a GDR on the DIFX and in the region and we are hoping this will open the doors to the UAE and the region for other companies from the Indian subcontinent seeking similar international placements" said Ziad Makkawi, Dubai Bank CEO.

Commenting on the deal, Christian Mouchbahani, Head of Investment Banking at Dubai Bank said: "We expect this transaction to open the floodgates for foreign entities trying to tap the liquidity and grow their business in the region. The DIFX is an excellent vehicle for this."

"MAN Industries is also fundamentally a strong company showing signs of growth momentum making the GDR an appealing investment vehicle."

Man Industries, a leader in the pipe industry for the oil and gas sector, is listed on both the Mumbai and National Stock Exchange and currently has a market capitalisation of over $110 million.

The company intends to issue up to $50 million GDR's on the DIFX to support its successful growth strategy.

Since its launch in September 2002, Dubai Bank has challenged traditional banking practices by placing service, transparency, and convenience at the forefront of its operations.

The bank offers a full range of commercial and merchant banking services.

More news from