Global Investment House, a leading asset management and investment banking company, is expected to raise $1 billion from its planned Global Depositary Receipts (GDRs).

The GDR offer price will range between $17.50 and $19.50 per GDR, the company said.

Each GDR represents an interest in five shares. “The offering is expected to raise approximately $1 billion, subject to an option of an additional 15 per cent for the purposes of stabilisation activities,” said Global

The GDRs will be listed on the official list of the United Kingdom Listing Authority and traded on the London Stock Exchange.

Preliminary prospectus was published on May 2 with the commencement of institutional book building and international management roadshow, it said.

The pricing is expected on or around May 15 with allocations to follow shortly after. Conditional trading is expected to commence on May 16, it said.

Global is currently listed on the Kuwait Stock Exchange, Bahrain Stock Exchange and the Dubai Financial Market, and as at May 1 had a market capitalisation of approximately $3.8 billion (KD1.0 billion).
 
HSBC has been appointed as sole global coordinator and Deutsche Bank AG, London branch, HSBC, JPMorgan and UBS Investment Bank have been appointed joint bookrunners for the offer. Global is acting as co-lead manager. – TradeArabia News Service