Dubai's Depa sets IPO price

LONDON, April 18 (Reuters) - Dubai-based interiors contractor Depa Ltd set its initial public offering price at $1.55 per share and $7.75 per global depositary receipt, each representing five shares, it said in a statement on Friday.

Like many real estate-related companies in the Gulf, Depa is benefiting from a construction boom in the world's biggest oil-exporting region, fuelled by a five-fold increase in oil prices during the last six years.

Depa plans to use the IPO proceeds to finance expansion, including acquisitions and entering new markets.

The company, whose contracts include fitting out Dubai's Burj al-Arab hotel, is offering as many as 278.91 million shares and global depositary receipts (GDR), it said. That includes an over-allotment option of 25.36 million shares.

The offer price and the overall number of shares in issue would value the company at more than $1 billion, it said.

The shares are expected to list on the Dubai International Financial Exchange (DIFX) and the GDRs in London, effective from April 23.

Morgan Stanley (MS.N: Quote, Profile, Research), UBS AG (UBSN.VX: Quote, Profile, Research), finance company The National Investor (TNI) and Kuwait's Global Investment House are advising Depa on the IPO. TNI and Global have a stake in Depa. (Reporting by Olesya Dmitracova; Editing by David Holmes)