Emaar Misr starts trading on Egyptian Exchange
Shares of Emaar Properties' Egyptian subsidiary were listed on the EGX at 10.00am Cairo time (GMT+2) on Sunday, 5 July, 2015
Emaar Misr’s shares were admitted to trading on the Egyptian Exchange (EGX) at 10.00am Cairo time (GMT+2) on Sunday, 5 July, 2015 under the ticker EMFD.CA.
The company's ordinary shares were priced on 18 June, 2015 at $0.49 (EGP3.80), making the company's market capitalisation $2.3bn (EGP 17.6bn). The order book was more than 11x oversubscribed for the institutional tranche, and 36x oversubscribed for the public tranche.
The offering raised $300m in gross proceeds. Emaar Misr has previously stated its intention to use this amount to develop its commercial properties in its flagship development Emaar Square, Mivida Downtown, and the Marina in Marassi, as well as to fund the pre-launch expenditure of Cairo Gate.
“The Emaar Misr IPO has truly set a benchmark for the Egyptian Stock Exchange due to its outstanding success in encouraging foreign investment into the country," Mohamed Alabbar, chairman of Emaar Misr said.
"The overwhelming response from international investors highlights confidence in Egypt and the country’s significant potential for growth. We are honoured to have played an important role in stimulating foreign investments in Egypt."
EFG Hermes and J.P. Morgan acted as the Joint Global Coordinators and Joint Bookrunners for the IPO with Emirates Financial Services PSC acting as the Lead Manager for the IPO.
Emaar Misr commenced operations in 2005 and has, as of March 2015, invested $1.8bn (EGP13.3bn) into the development of projects and the cost of sales.
A further $8.3bn is due to be invested to complete all the projects, bringing the total committed investment by Emaar Misr into Egypt to $10bn (EGP78.5bn).