The Egyptian unit of Dubai’s Emaar Properties PJSC said it may raise as much as 2.82 billion Egyptian pounds ($372 million) in an initial public offering that could mark the Arab country’s biggest such sale this year.
Emaar Misr for Development SAE’s board approved selling 600 million shares at a maximum price of 4.7 pounds per share, it said in a statement to the stock exchange Tuesday. That would represents the maximum valuation given by independent financial adviser Grant Thornton LLP, according to the statement.
Stock sales are rising in Egypt as economic activity picks up, putting the country on pace for the highest growth since the Arab spring protests of 2011. IPOs this year by billionaire Nassef Sawiris’ Orascom Construction Ltd. and snacks-maker Edita Food Industries SAE have raised 1.41 billion pounds and 2.01 billion pounds, respectively.
Emaar Misr shareholders have yet to approve the board’s decision. The benchmark EGX 30 Index rose 2 percent as of 12:28 p.m. in Cairo, poised for its highest close since April 16.