Liberum acts as sole Capital Markets Adviser to Dar Global PLC's Admission to the Main Market
Dar Global today announced the publication of its prospectus and confirmed that it will listed on the standard segment of the main market of the London Stock Exchange, making it the largest main market new admission of 2023 to date. Liberum acted as sole Capital Markets Adviser on the transaction, with the IBK advisory team led by Dru Danford, supported by Jamie Richards, Will King and Nikhil Varghese.
Established in 2017, Dar Global has created a differentiated international real estate business, predominantly focused on developing luxury homes for its global clientele in locations across the Middle East, Europe, London, and the Costa del Sol region in Spain. Dar Global was the development arm of Dar Al Alkan, the largest real estate company in Saudi Arabia and the surrounding region.
The Group is run by a highly experienced international executive team led by Ziad El Chaar, Chief Executive. In addition, the Group’s Board of Directors is led by Independent Non-Executive Chair David Hunter, who has extensive experience in the real estate sector in the UK. David is the former President of the British Property Federation (BPF) and has held senior board positions with a number of UK listed real estate businesses.
In February 2023, Dar Global completed a private placement by issuing 21,621,612 ordinary shares at a price of US$3.33 per share to raise US$72 million gross proceeds. The market capitalisation of the Company is c.US$600 million at the private placement price. Ziad El Chaar, CEO of Dar Global PLC, said: “In one of the most exciting steps to date for Dar Global, our listing on the London Stock Exchange was supported by Liberum as our Capital Markets Advisor. The Liberum team have been instrumental in reaching this milestone, and I’d like to thank them for their hard work and dedication to making this venture possible.”
Dru Danford, Head of Investment Banking at Liberum, said: “We are proud to have worked as Capital Markets Adviser on the largest main market new admission of 2023 to date, and it has been an absolute pleasure to work with everyone at Dar Global and several other partners on this transaction. We are looking forward to working with the team in the next phase of Dar Global’s journey.”
The other advisers working on the transaction include Norton Rose Fulbright, KPMG, Ashurst, CBRE, Powerscourt and Link Group.
Executive Team – Bidhi Bhoma
Investment Banking – Dru Danford, Jamie Richards, Will King, Nikhil Varghese
Legal – Alice Foster