DSI completes allocation of shares for IPO

Drake and Scull International's (DSI) has completed the allocation of shares and refund process for its IPO of 1.1 billion shares, a company statement said.

It said that allocation notices have been sent out to all local, regional and international subscribers along with an invitation to attend the Constitutive General Assembly.

The IPO, which closed on July 17, was 101 times oversubscribed with around 45,600 subscribers having applied for DSI shares, investing in a total of funds of Dh124 billion. DSI intends to use the proceeds to enhance its position.