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Posted: February 4, 2008

NanoDynamics Public Offering Set at $11 a Share

(Nanowerk News) NanoDynamics, the first US-based company planning to list its shares on the Dubai International Financial Exchange, on Monday announced that its initial public offering will be priced at $11 per share.
The $100 million IPO lead managed by Dubai-based Daman and its US strategic partner Global Crown Capital will be marketed to institutional investors from the US and the Middle East.
According to lead managers, the US institutional investor Fidelity has subscribed a substantial stake in the company through this IPO. While the IPO does not have a retail tranche, post-listing shares will be available on DIFX through market makers.
"NanoDynamics will be first in a series of IPOs expected from the US-based technology driven companies to be listed on the DIFX. We believe that this IPO will prove the growing acceptance of DIFX as an internationally recognised platform. We are confident that there will be great interest in this IPO both globally and regionally," said Shehab Gargash, Group CEO of Daman.
NanoDynamics is a global alternative energy and clean technology company utilising nanotechnology-based advanced materials to develop solutions to challenges in the energy, environment, water and infrastructure markets.
Sale details
The intent of this IPO is to sell 9.1 million shares at a filing price of $11 to raise $100 million. The trading symbol for NanoDynamics will be 'NDMX'. The anticipated listing will take place in the week of February 11.
In the intended listing, approximately half the participants will be US institutional investors and the other half regional Middle East institutions and accredited investors.
The IPO of a US company on DIFX is seen as a significant step for the exchange, which is expected to be rebranded as Nasdaq DIFX as part of a deal in which Borse Dubai will take up a 20 per cent share in Nasdaq and Nasdaq will acquire a stake in DIFX.
Source: Gulf News
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