Damas International launches IPO

Will employ funds in expansion and corporate uses
Damas International launches IPO

Damas International is planning an all out expansion through opening new stores, acquisitions, increasing vertical integration through investments in manufacturing operations. To support its plans, it recently raised $270.6 million in an IPO. Each share was valued at $1.00.

Damas will enlist its shares on the Dubai International Financial Exchange (DIFX), as tentatively identified on July 8, 2008. Following this, the company is expected to be valued at $968.6 million. It will also employ funds from the IPO to restructure a portion of the company’s existing debt as well as for other corporate purposes.

The Damas group has operations in 18 countries with a store presence of 438 across the globe.

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