Emaar Development to offer $1.64 share price on 22 November
Listing and trading for Emaar Development’s initial public offering on the Dubai Financial Market will begin on 22 November with a share price of $1.64 (AED6.03)
Listing and trading for Emaar Development’s initial public offering on the Dubai Financial Market will begin on 22 November with a share price of $1.64 (AED6.03), the company said on Thursday.
Emaar’s market capitalisation at listing will be approximately $6.56bn (AED24.1bn), with 800 million shares included in the offering, representing 20% of share capital, according to an Arabian Business report.
The value of ordinary shares sold by Emaar Properties totals $1.31bn (AED4.82bn), with 93.8% allocated for qualified investors and 6.2% allocated for individual and other investors.
Emaar Properties chairman Mohamed Alabbar, said: “Today marks an important milestone for Emaar Development, as the strong retail and institutional investor interest in our IPO places us closer to achieving our vision for the future.
“Emaar Development has a clear strategy for growth, a strong sales backlog, high cash flows and targeted dividends of $1.7 billion to be paid over the next three years, indicating strong dividend yield, especially in comparison to our peer group,” he said.
Listing and trading on the Dubai Financial Market will begin at 10am on 22 November, under the symbol “EMAARDEV”.
Third-quarter net income for Emaar Properties increased 32% to $411m (AED1.51bn). The company said it has more than 24,000 developments under construction, and that it’s in a position to create strong cash flows in coming years.
“We are highly confident in the future of our group, and the benefits that this offering will create for our shareholders,” Alabbar added.