Emaar Development’s $1.5bn Dubai IPO covered on day one
The $1.5bn IPO of Emaar Development, the property development unit of Emaar Properties, was covered less than one working day into the bookbuild this week, according to a banker involved.
Emaar Properties is selling 800m existing shares, a 20% stake in the subsidiary, at a price range of Dh5.7 to Dh6.9 a share.That means that the deal size will be Dh4.56bn ($1.24bn) to Dh5.52bn ($1.5bn), and Emaar Development will be valued at Dh22.8bn ($6.2bn) to Dh27.6bn ($7.5bn). ...
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