Dubai-based jewellery firm Damas said on Wednesday it planned to sell shares in an initial public offering and list the shares on the Dubai International Financial Exchange next month.

Damas plans to sell 270.58 million ordinary shares at a price range of between $1 and $1.14 per share to Middle East and international institutional investors outside of the United States, it said in a statement.

That would indicate the firm plans to raise as much as $308.46 million. Trading of the shares should begin on or around July 8, it added.

The offering includes an over-allotment option of 40.59 million shares - which could bring the total value of the IPO to $354.73 million.