Drake & Scull International, one of the oldest mechanical, electrical and plumbing contracting and civil contracting firms in the UAE, said its initial public offering (IPO) is set to close on July 17.

An UAE-based public joint stock company, Drake & Skull is offering 1,197,777,778 shares, which comprises 55 per cent of the company, for Dh1 per share (plus an offering cost of Dh0.02 per share) to UAE and non-UAE individuals and institutional investors. The minimum subscription is 20,000 shares, said a company official.

Khaldoun Rashid Tabari, chief executive officer, Drake & Scull International expressed delight at the overwhelming response to the IPO.

"We will be the first MEP contracting company to list in the UAE and offer investors an opportunity to access this specialist area of the fast growing construction industry," he commented.

"We are well positioned to benefit from the construction boom and just yesterday we had announced winning the contract for two hotel projects on Yas Island awarded by Aldar Properties," he added.

Share application forms will be available from selected branches of the following receiving banks: Emirates-NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Bank, Dubai Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi, Mashreq, Noor Islamic Bank and Union National Bank. Emirates NBD is the Lead Receiving Bank.

Interested investors can also call the hotline number: +971 4 3160300. They will be notified of their share allocation and excess funds will be returned to them on July 31.

Following the Offer, Drake & Skull will be incorporated and then seek to list its shares on the Dubai Financial Market (DFM) by the end of the third quarter of 2008.

Post-incorporation, DSI will be capitalised at over Dh2.178 billion. Al Mal Capital and HSBC Middle East are the joint lead managers for the IPO.-TradeArabia News Service