Egyptian real estate developer Emaar Misr for Development (EMMFD) announced that the final price of IPO was set at 3.8 per share according to book building. Accordingly, company's market price after offering will become LE 17.6 billion ($2.3 billion). The Dubai-based developer announced plans to list its Egyptian subsidiary two weeks ago through the sale of 600 million shares, or 12.9 per cent of its capital. It will use the proceeds to increase its land bank and fund further developments within the country. The share offering is set to be Egypt's largest IPO since that of the Talaat Moustafa Group in 2007. It comes nine months after Emaar floated Emaar Malls Group, its retail unit, in an offering that raised $1.6 billion. The Egyptian newspaper Al Masry Al Youm said the IPO would offer 90 million shares on the Egyptian Exchange between June 16 and 25, and a private placement of 510 million shares to institutions and wealthy investors. The final share price will be determined through a book building process by June 18. Emaar Misr's annual revenue surged 119 per cent to 2.6 billion pounds last year. Shares of Emaar Properties in Dubai edged up 0.13 per cent to Dh7.76 at the end of trade on Monday. Source: Alarabiya.net & Arab Finance
