Jumbo considering IPO move

New chief executive of Jumbo Electronics says listing on local exchange is ‘possibility’

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By  Andy Sambidge Published  October 15, 2008

Jumbo Electronics is considering floating an initial public offering through a local stock exchange, the company's CEO has revealed.

Funds raised from the IPO could go towards expansion plans for one of the largest electronics retailers in the Gulf, reported UAE daily Gulf News on Wednesday.

Peter McElwaine, the company's new chief executive officer, told the paper that “being listed on a local stock exchange remains a possibility”, although he said that the company is not actively moving towards it and is waiting for the “right time and right place”.

More than $1 million is being invested in three new retail outlets in Dubai this year, including two stores in Dubai Mall, as well as one in the Jumeirah Beach Residences in the next two months.

McElwaine said the company is growing by more than 30% annually in terms of sales and added that the annual turnover of about AED 2 billion figure of three years ago "has grown significantly."

Last year, Jumbo Electronics saw about 30% growth in sales during Gitex compared to 2006 and McElwaine said that they are expecting similar growth rates this year during the technology week.

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