Emaar Properties Plans IPO in September as Confidence Returns
Emaar Properties will launch initial public offer in September for stake sale up to 15 percent in its shopping malls and retail space unit. The stocks will be listed in October at Dubai Stock Exchange. The IPO offer will be the largest for the Middle East region after the 2008 economic crisis.
The success of Emaar IPO would improve investor confidence in the Dubai markets. After the announcement from Emaar Group, the stock exchanges in the region are expected to remain strong on Monday trading.
Emaar Properties will offer 70 percent of the IPO shares to QIIs and 30 percent to retail investors. Emaar Properties aims to raise $2.2-2.45 billion with the public issue.
Dubai government owns 30 percent stake in Emaar Properties. The largest real estate developer in the region will pay 9 billion dirhams in dividend this year to its shareholders.
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