Emaar's malls arm makes stockmarket debut
Company also reports 24% second quarter profit increase
Shares in Emaar Malls Group (EM) began trading on the Dubai Financial Market this morning following a successful IPO process.
The shares were priced at AED2.90 per share, which was at the top end of its valuation range.
Demand for its shares was huge, with the order book being 30x oversubscribed for institutional investors and 20x for individuals.
The listing raised $1.6bn and gave the firm a market capitalisation of $10.3bn. In early trading, the share's values leapt by around 20%.
Emaar chairman Mohamed Alabbar said: “Today is the beginning of a new era for Emaar Malls and a landmark day for the Dubai Financial Market. Over the last few weeks, the response from investors to the offering has surpassed our greatest expectations and is testament to the confidence in the Emaar Malls business and the UAE’s financial markets."
Emaar Malls Group also revealed its results for the second quarter of 2014, which showed a 13% increase in revenues to $343mn and a 24% jump in net profits to $168mn. The business generates 82% of its sales from its flagship Dubai Mall property.