Gulf Capital-backed Gulf Marine Services Makes Debut on London Stock Exchange (MENA)
Source: Gulf Marine Services, Reuters
United Arab Emirates-based oil service vessel operator Gulf Marine Services (GMS), which is backed by alternative investment firm Gulf Capital, has debuted on the London Stock Exchange. The company priced its initial public offering at the bottom of a range it had offered investors, giving it a market capitalization of GBP472 million (approximately US$787 million). Through the offering, Gulf Capital reduced its 79 percent stake in GMS to 51.9 percent, while energy service company Horizon Energy and private investment company Al Ain Capital reduced their stakes from ten percent to 6.5 percent. The listing will raise GBP66.9 million (approximately US$111.4 million) for the company, which plans to purchase another small vessel, repay shareholder loans and expand its business. GMS will begin public trading on 19 March.