Institutional investors may have an edge in Emaar listing | The National

Institutional investors may have an edge in Emaar listing | The National:



"Some retail shareholders in Emaar Properties fear they will be frozen out of the forthcoming initial public offering of its malls business by international institutions favoured by the company’s army of advisers.



Emaar
Emaar will employ eight investment banks as advisers or book runners on the Dh8 billion to Dh9bn IPO, now scheduled for September on the Dubai Financial Market. The marketing of the issue will be heavily skewed towards US and European investors, one adviser said on condition of anonymity.



“It will be listed only on DFM but the focus will be on institutions. There will be no special pre-emption arrangement for existing Emaar shareholders and [there is] a risk there will not be enough shares to go around for retail investors. The allocation between institutions and retail has not been finally decided, but it will be far more towards institutions,” the adviser said."



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