By: Mahmoud Gamal
Dubai – Mubasher: Emaar Properties’ stock rose 0.36% after news that Bank of America Merrill Lynch and First Abu Dhabi Bank (FAB) are set to join Goldman Sachs in getting roles in the initial public offering (IPO) of Emaar's UAE real estate development business.
The stock grew to AED 8.48 by 11:35 am UAE time, generating AED 20.8 million from the exchange of 2.45 million shares.
In early June, the developer said the IPO will not be less than 30% of its real estate development business, with the final percentage depending on the market conditions and the listing time.
The IPO valuation of Emaar’s real estate business could range between AED 22 billion and AED 28 billion, equivalent to AED 0.9 to AED 1.2 per share, according to a report published earlier by SICO Investment Bank.
Translated by: Julian Nabil
