Friday May 2, 08:58 AM
Kuwait's Global Investment House sees $1 bln proceeds from London listing UPDATE
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LONDON (Thomson Financial) - Kuwait's Global Investment House K.S.C.C. said it intends to raise about $1 billion, after setting the price range for its offering of global depositary receipts (GDRs) on the
London Stock Exchange (LSE: LSE.L - news) at $17.50 to $19.50 per GDR.
The expected proceeds are subject to an option of an additional 15 percent for the purposes of stabilisation activities, Global Investment House said.
The final pricing is expected on or around May 15, with conditional trading expected to commence on May 16.
The asset management and investment banking company announced plans to list in London last month, explaining that it intended to use the proceeds to fund organic growth, make co-investments in global managed funds, and make selective acquisitions of asset management and/or commercial banking businesses.
Global Investment House is currently listed on the Kuwait Stock Exchange, Bahrain Stock Exchange and the Dubai Financial Market and had a market capitalisation of some $3.8 billion as at May 1.
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