Dubai's DP World has increased the size of its initial public offering to 23 percent on investor demand and will raise up to US$4.96 billion in the share sale, the company said in a statement.
The three percent increase translates into 3.245 million shares, plus a "greenshoe" of 572.7 million, amounting to 3.818 billion shares in a price range of $1.00 to $1.30.
The proceeds from the offering will be used to pay off Islamic bonds Sultan Ahmed Bin Sulayem, chairman of DP World's parent Dubai World, said last month when the IPO was announced.
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