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DP World IPO raises $4.96bn

DP World, the Dubai-owned port operator, said it raised $4.96bn in the Middle East's biggest initial public offering, reported Bloomberg. The world's fourth-largest ports company sold shares for $1.30 each, the top of an indicated range, after the IPO was more than 15 times oversubscribed. The company's market value is now $21.6bn.