One foot at a time

1 May 2008 By Una Galani Follow @ugalani

A pulled IPO is just another blow for the Dubai International Financial Exchange. In three years it has attracted just three primary listings, and they ve all done badly. The emirate should merge it with the more buoyant local exchange, the Dubai Financial Market.

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Future Pipe Industries said on Thursday that it will not proceed with its planned May initial public offering on the Dubai International Financial Exchange. The Lebanese familyowned group, which had planned to raise $554m, blamed poor market conditions.

The flotation would have been only the fourth primary listing on the fledgling DIFX after offerings from Saudi's Kingdom Hotels, ports operator DP World and Depa, a Dubaibased interior contractor.

Depa shares fall 12% since its debut last week after the group raised $432m in an initial public offering. DP World shares have fallen 20% since its flotation last year. The DIFX was launched in 2005 to help establish Dubai as a worldclass international financial centre.

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