Dubai: Emaar Properties is seeking to raise up to Dh5.8 billion ($1.58 billion) by selling its stake in its mall unit through an initial public offering. The company will sell 2 billion shares or 15.4 per cent stake in the price range of Dh2.5-Dh2.9 per share in its mall unit through an initial public offering (IPO).
The share sale of Emaar Malls Group (EMG), which started on Sunday, ends on September 24 for individual investors and September 26 for institutional investors, the company said in a statement on Sunday. The shares will be listed on Dubai Financial Market on October 2.
At the mid-point of the price range, Emaar Mall’s market capitalisation will be Dh35.1 billion, the company stated.
The share sale is touted as one of the largest equity sales in the Middle East since the credit crisis of 2008, which led many developers to restructure debt and stop projects.