Dubai's DAMAC on Tuesday said it raised USD348 million in its London listing debut. Reuters in a report said that it was a lukewarm response to the first share sale by a Dubai property firm since the emirate's real estate crash for years ago.

According to the report, DAMAC originally aimed to raise USD500 million in London with the sale of global depositary receipts (GDRs). The deal size was reduced to USD400 million last week. The final price was fixed at USD12.25 per GDR, which was at the bottom of the price range. 

Reuters said that the Dubai developer sold 28.39 million shares, putting the firm's value at USD2.65 billion. 

DAMAC's offering could increase to USD400 million if a greenshoe or over-allotment option for an extra 15% of the offer size is exercised. Should this option be activated, 15% of the company would be listed, the report said. 

Investment banks Citigroup Inc. and Deutsche Bank are acting as joint bookrunners for the listing. VTB Capital and the investment banking arm of Saudi Arabia's Samba Financial Group are serving as co-lead managers, Reuters said.