Emaar Misr scales back pricing of Egyptian IPO | The National

Emaar Misr scales back pricing of Egyptian IPO | The National:



"Emaar Misr, the Egyptian unit of Dubai’s Emaar Properties, has scaled back the price of its listing of 600 million shares on the Egyptian bourse to $353 million from a previous $367m.



The Emaar listing is expected to be the largest flotation on the Cairo exchange since 2007. The Egyptian subsidiary has a portfolio of investments in Egypt worth around 53 billion Egyptian pounds (US$6.95bn), according to its website.



The subsidiary of Dubai’s largest real estate developer said in an announcement in Egyptian newspapers on Monday the shares will be priced at a maximum of 4.49 Egyptian pounds each, meaning the offer is expected to raise 2.69bn pounds."



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