Emaar Seeking to Raise as Much as $1.58 Billion in IPO - Bloomberg

Emaar Seeking to Raise as Much as $1.58 Billion in IPO - Bloomberg:



"Emaar Properties PJSC (EMAAR), owner of the world’s biggest shopping center, is seeking to raise as much as $1.58 billion from the initial public offering of its malls unit in the United Arab Emirates’ biggest IPO since 2007.



Emaar Malls Group PJSC plans to sell 2 billion of its founders’ shares, or about 15 percent of its equity, in a price range of 2.5 dirhams to 2.9 dirhams apiece, according to a company statement to the Dubai Financial Market today. The final price will be determined through a book-building process and will probably be set on Sept. 29, according to the statement.



“At the upper end of range, this IPO would be very expensive,” Mohammed Ali Yasin, managing director of NBAD Securities LLC in Abu Dhabi, said today by ’phone. “Emaar Malls would be priced at about 30 times 2014 earnings.”"



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