Emaar Development's $1.5 Billion Dubai IPO Fully Subscribed
- Company offering 800 million shares at 5.7-6.9 dirhams each
- Sale would be biggest since IPO of Emaar Malls in 2014
An Emaar Properties sign near the Burj Khalifa tower in Dubai, United Arab Emirates
Photographer: Chris RatcliffeEmaar Properties PJSC’s $1.5 billion initial public offering of its United Arab Emirates development business received bids for the entire amount within half a day of the issue’s opening.
The developer of the world’s tallest skyscraper is offering 800 million shares in Emaar Development PJSC at a price range of between 5.7 dirhams ($1.55) and 6.9 dirhams per share, the Dubai-based company said in a statement to the bourse on Thursday. The books are fully covered by institutional investors’ bids, according to terms obtained by Bloomberg. The offering opened on Thursday, with about 10 percent of the shares available to retail investors and 90 percent to institutions.