Real Estate Developer Picks Citi as Depositary Bank for IPO

Citi has been appointed by DAMAC Real Estate Development as the depositary bank for their capital raising Global Depositary Receipt (GDR) program.
By Jake Safane(2147484770)
Citi has been appointed by DAMAC Real Estate Development as the depositary bank for their capital raising Global Depositary Receipt (GDR) program.

DAMAC, a luxury residential, leisure and commercial developer in Dubai and the Middle East, is single listed on the London Stock Exchange through GDRs, which trade under the symbol DMC.

“We are very pleased that the market reacted positively to the IPO and we look forward to developing our brand further. We will work in close partnership with Citi as depositary bank to develop best-in-class investor relations and a strong shareholder base for our GDR program,” says Adil Taqi, group chief financial officer for DAMAC.

“We are delighted that DAMAC has chosen Citi as their depositary bank and we intend on leveraging our global equity distribution platform as well as our Investor Relations expertise to support their development. It is also positive for companies seeking to list to see that the GDR IPO market has now reopened,” says Dirk Jones, global head of client sales management at Citi.

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