Dubai: Emaar Development, the subsidiary of Emaar Properties, said on Thursday it will price shares for its initial public offering at Dh6.03 per ordinary share.
In a statement to the Dubai bourse, Emaar Development said the pricing will give the company a market capitalisation of around Dh24.1 billion. Emaar will include 800 million shares in the offering, representing approximately 20 per cent of share capital.
Listing and trading of the company on the Dubai Financial Market will commence on November 22 as soon as the market opens, with shares listed under the ticker symbol EMAARDEV.
“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,” said Mohamed Alabbar, chairman of Emaar Properties.
