Emaar Properties reveals IPO share price
Malls unit IPO priced at top of range
Dubai's Emaar Properties said on Monday that shares in the initial public offer of its malls unit would be sold at AED2.90 ($0.78) per share, at the top of the proposed price range, valuing the business at AED37.7bn ($10.3bn).
The portion of shares allocated to institutional investors was covered more than 30 times, with retail investors submitting orders worth over 20 times the amount of shares available to them, the bourse filing from Emaar said.
Trading of the shares will begin on 2 October on the Dubai Financial Market, the statement confirmed.
H.E. Mohamed Alabbar, chairman of Emaar Malls, said: “We are delighted that the landmark initial public offering of EM has been so successfully received by both institutional and individual investors.
"EM has performed very well across the business in the last five years and we firmly believe that our prominence within the MENA region’s fertile retail sector, alongside our world-famous assets and experienced management team, is a potent combination which will support the company’s future growth.
"We welcome all new shareholders to EM as we enter a new phase in the development of the company.”