Emaar prepares for Indian IPO

Emaar’s Indian property unit plans to raise US$800 million (Dh2.93 billion) through a share sale that it was forced to shelve last year because of tumbling global stock markets.

Emaar MGF, the Indian subsidiary of Emaar Properties, has filed the initial documents required for its planned initial public offering (IPO) to the Securities and Exchange Board of India, the company said in a statement to the Dubai Financial Market.

Emaar, which is building the world’s tallest tower in Dubai, had originally hoped to raise more than $1.6bn in February last year.