Emaar Properties will offer 800 million shares in the initial public offering (IPO) of its subsidiary Emaar Development.
The pricing for the Offering has been set at AED 6.03 per ordinary share (the “Offer Price”).
Based on the Offer Price, the Company’s market capitalization at listing will be approximately AED 24.1 billion.
Final allocations were approximately 93.8% for qualified investors, (“the Qualified Offering”), and 6.2% for individual and other investors (the “Retail Offering”).
Listing and trading on DFM are expected to commence on 22 November 2017 under the symbol “EMAARDEV”
For Further information, please check the press release by the company here
The offered stake represents 20% of the issued shares, totaling AED 4 billion.
IPO will take place on the Dubai Financial Market (DFM) from 2 until 13 November for retail investors, and from 2 to 15 November for institutions, the final price of the shares is expected to be determined on 16th November 2017.
10% of the shares will be allocated to retail investors, while the remaining 90% will be allocated to investment institutions.
40 million shares have been allocated to the Emirates Investment Authority (EIA).