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November 24, 2006

Dubai Financial Market Going Public

posted by MR WAVETHEORY at 11/24/2006 10:43:00 AM
After catching lightning in a bottle with Nymex Holdings, Inc. (NYSE NMX), investors around the world are catching IPO fever for financial exchanges. IPOs of stock changes like Nasdaq Stock Market, Inc. (Nasdaq NDAQ) and Chicago Mercantile Exchange Holdings (Nasdaq CME) are not only hot in the US. Even Middle Eastern investors are catching the financial exchange bug. Dubai Financial Market closed its IPO yesterday.

Dubai Financial Market's (DFM) Dh1.6 billion initial public offering (IPO) closed the subcription window for a $435 million IPO which is roughly the same size as the $441 million Nymex Holdings IPO. Latest information available from investment bankers suggest that the issue will be subscribed more than 50 times while the public tranche of the issue is likely to be oversubscribed more than 150 times.

The multiple on DFM is much lower than the multiple on Nymex, At its offer price of Dh1 per share, the DFM IPO is priced at a price-earnings multiple of 6.38 to its 2005 earnings and 9.88 times to its forecast 2007 earnings. The overall market trades at a trailing price-earnings multiple of nearly 14. Nymex trades at 80x trailing twelve months earnings.

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