Family owned, Dubai-based Future Pipe Industries (FPI ) said on Sunday it is pricing its initial public offering that starts on Sunday at between $5 and $6.6.

The IPO could raise at least $420 million and as much as $554 million, valuing FPI at between at $1.2 billion and $1.58 billion, according to Reuters calculations.

Lebanon's Makhzoumi family will sell as many as 84 million shares, equivalent to 35 percent of FPI, a maker of fibre glass pipes used in city infrastructure and industry.

The final offer price is due to be announced on around April 30, FPI said in a statement.

The Makhzoumis, who set up FPI in 1984, will list the stock on the Dubai International Financial Exchange (DIFX).

FPI has benefited from a surge in Gulf Arab spending over the last few years on infrastructure for towns and cities, as well for industries such as oil and gas.

Profit at the company almost doubled last year to $69 million on a 57 percent surge in revenue to $556.4 million, according to chief executive officer Rami Makhzoumi. - Reuters