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Emaar Misr stocks priced at $0.49 per share

Emaar Misr is floating 12.99% of the company, amounting to 600 million shares, of which 510 million have been allocated to institutional investors

Emaar Misr is likely to be listed on the Cairo bourse by 2 July, 2015.
Emaar Misr is likely to be listed on the Cairo bourse by 2 July, 2015.

Egypt's Emaar Misr has priced its initial public offering at $0.498 (EGP3.8) per share, parent firm Emaar announced on Dubai Financial Market on Thursday (18 June, 2015). 

Emaar said it will float 12.99% of its Egyptian arm, amounting to 600 million shares, of which 510 million have been allocated to institutional investors.

The institutional offering tranche was over 11 times oversubscribed than the offer price.

The remaining 90 million shares will be offered to other investors until 25 June, 2015, with Emaar Misr likely to list on the Cairo bourse (EGX) on 2 July, 2015.

Based on the offer price, Emaar Misr’s market capitalisation at listing will be $2.3bn (EGP17.6bn).

Emaar Properties will retain its current holdings in Emaar Misr, which will represent 87.01% of Emaar Misr’s post-offer share capital.

Mohamed Alabbar, chairman of Emaar Misr, said: “We are delighted to announce the pricing and successful coverage of the institutional tranche of what is expected to be the largest IPO on the EGX this year, an important milestone in Emaar Misr’s IPO."

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