|
Dubai: Future Pipe Industries Group, a Dubai-based company specialising in the development, manufacture and supply of fibre-glass pipe systems, yesterday priced its UAE retail offer between $5 and $6.60 per share for up to 35 per cent of its shares in its initial public offering (IPO) on the Dubai International Financial Exchange.
Up to 84 million shares, including an over-allotment option of up to 12 million shares, will be offered to investors globally.
The price of Future Pipe's shares is denominated in dollars and is priced through a global book-building process with institutional investors.
Retail and institutional investors will pay the same price for the shares, which is expected to be announced by the end of this month
Future Pipe, which operates 11 factories and a global network of sales offices, reported sales and net profit of approximately $556.4 million and $87.6 million respectively in 2007.
Sales from the company's factories in the GCC generated approximately $422.5 million in revenue in 2007,
The IPO will be in the form of a sale of shares by Future Management Holdings, Future Pipe's sole shareholder, wholly-owned by the Makhzoumi family.
Future Management Holdings will retain majority ownership of the company.
Future Pipes, founded by the Makhzoumi family, has become the global leader in the large diameter fibreglass pipe industry with operations spanning four continents and servicing clients in over 50 countries.
Future Pipes has pioneered the use of fibreglass in the large diameter pipe market and provides systems to some of the world's largest projects including Ras the Laffan Industrial City in Qatar and the Dubai World Central airport.
|
