Wednesday, 1 June 2011 at 15:32, Bloomberg
DP World Ltd (DPW) shares in London were trading at a premium of 1.7 per cent to yesterday’s closing price on Nasdaq Dubai as the Dubai World-controlled company’s stock debuted on the London Stock Exchange.
The shares were at 830 pence at 8:58 am in the British capital after gaining to as much as 880 pence. The stock rose 1.3 per cent to $13.63 on Nasdaq Dubai, reversing a decline of as much as 1.9 per cent. They closed at $13.45 yesterday.
DP World, which operates ports from Europe to Asia, cross- listed 830 million ordinary shares to attract investors after low trading volumes in its home market. "The aim is to provide an additional platform to invest in DP World shares to help attract a broader range of investors," it said today.
The company raised $4.96 billion in the Middle East’s biggest initial public offering in November 2007. DP World said last year it would seek a listing in London to improve investors’ perception of its value after the shares slumped 68 per cent in 2008. The Nasdaq Dubai listed stock gained 47 per cent last year and 10 per cent in 2009.
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