Lebanon's Makhzoumi family said on Sunday it plans to raise at least $400 million by selling shares to the public in Dubai-based Future Pipe Industries, a maker of fibre glass pipes used for city infrastructure.

The Makhzoumis, who set up Future Pipe in 1984, plan to sell as much as 35 per cent of existing shares in the company in an initial public offering next month, and list the stock on the Dubai International Financial Exchange (DIFX), chief executive Rami Makhzoumi told reporters.

'The proceeds will be used to diversify the investments of the family,' Makhzoumi said.

The offering will value the firm at between $1.4 billion and $1.8 billion, people familiar with the sale said.

This will be only the second time that a company lists its ordinary shares solely on the DIFX, which Dubai set up in 2005 to encourage local companies to sell shares to the public, and for foreign companies to tap growing regional wealth.-Reuters