Kuwait's Global Investment House said on Monday it had priced its global depositary receipts (GDRs) in the middle of the price range at $18.75, raising $1.15 billion.

Global, Kuwait's biggest investment bank by market value, is selling up to 355 million shares, or 35 percent of its share capital, to institutional investors through GDRs to fund expansion in the Middle East.

Managing director Maha Al-Ghunaim told reporters the GDRs would start trading on the London Stock Exchange on May 21.

The GDRs, which were sold in units of five shares, had been offered in a range of $17.50-$19.50 each.

"The proceeds from the GDR will be used in strengthening our geographical expansion in the Gulf and Egypt. We will also use part of the proceeds for acquisition opportunities that Global is currently studying," she said without being more specific.

Global said in March it wants to expand into Saudi Arabia, Bahrain, Qatar, Egypt and Abu Dhabi, the capital of the United Arab Emirates.

The bank, which is listed in Kuwait, Dubai and Bahrain, said it had sold the GDRs to institutional investors.

"Investors are diversified, they are from Saudi Arabia, UAE, London and New York ... from hedge funds, emerging markets funds to pension funds," said Al Ghunaim. - Reuters