Emaar Malls Rises as Much as 21% in Biggest Dubai IPO in 7 Years - Bloomberg

Emaar Malls Rises as Much as 21% in Biggest Dubai IPO in 7 Years - Bloomberg:



"Emaar Malls Group PJSC jumped as much as 21 percent on its first day of trading following an initial public offering last month that was the largest in Dubai since 2007.



The unit of the United Arab Emirates’ biggest-listed developer, Emaar Properties PJSC (EMAAR), climbed to as high as 3.50 dirhams, and was trading at 3.27 dirhams at 10:59 a.m. local time. About 324 million shares were traded. Dubai’s benchmark DFM General Index, the second-best performer this year among more than 90 indexes tracked globally by Bloomberg, dropped 1.9 percent to the lowest since Sept. 14.



“We weren’t expecting anything less from the Emaar Malls debut,” Ahmed Shehada, the Abu Dhabi-based head of advisory and institutions at NBAD Securities LLC, said by e-mail. “The blue-chip name overshadows any valuations and its performance reflects Emaar’s underlying ownership of the company.”"



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