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Abu Dhabi’s GMS makes LSE debut

Abu Dhabi-based Gulf Marine Services (GMS) has made a muted stock market debut in London, as the oil service vessel operator struggled to spark investors’ interest following a glut of new share listings, Reuters has reported. GMS priced its initial public offering (IPO) at the bottom of a range it had offered investors, giving it a market capitalisation of £472m ($787.1m). The valuation was below expectations for $1bn, but a source familiar with the matter said GMS’ offer had been oversubscribed. “It’s just sensible pricing,” the source said. GMS said the listing will raise £66.9m for the company, which it plans to use to purchase another small vessel, repay shareholder loans and expand its business.