Dubai – Mubasher: Emaar Properties on Thursday said it will offer 800 million shares in the initial public offering (IPO) of its subsidiary Emaar Development.
The offered stake represents 20% of the issued shares, totalling AED 4 billion.
The mother company will allocate 10% of the shares to retail investors, while the remaining 90% will be allocated to investment institutions, according to a company statement to the Dubai Financial Market (DFM).
Additionally, Emaar Properties has allocated 40 million shares worth $1.6 billion to the Emirates Investment Authority (EIA).
Emaar further noted that the IPO will take place on the Dubai Financial Market (DFM) from 2 until 13 November for retail investors, and from 2 to 15 November for institutions.
Emaar Development’s IPO is projected to be equal that by Emaar Malls in 2014.
