What Gulf Navigation's IPO revealed

摘要

Gulf Navigation set a precedent for the UAE in July when it offered 55% of the company for sale through an initial public offering, open to investors in countries within the Gulf Cooperation Council. It was looking to raise about $250M, which it will invest in a fleet expansion programme that will last until 2010. On the face of it, the IPO was a huge success. According to a press report in August, Shuaa Capital - which was lead manager for the sale - received bids worth $844M, more than three times the stock on offer.