Shares in property developer Dar Global rose in its market debut in the London Stock Exchange this week.
The stock opened at $3.55, up from the $3.33 paid by investors ahead of the float. By the close of trade, 27,500 shares had changed hands, according to Refinitiv data. The shares were indicated at a closing mid price of $3.6, marking an 8% rise on the pre-float price.
Dar Global, the international arm of Dar Al Arkan Real Estate Development Co., announced last week that it had raised $72 million from investors in a private placement, with a view to listing directly on the LSE.
In a conventional IPO, investment banks market and sell shares on the company’s behalf and commit to mop up any stock that investors fail to pick up in exchange for a fee. Direct listings are less common but can offer a cheaper route to market for companies by cutting back on intermediaries.
