Size of Emaar Development IPO disappoints market | ZAWYA MENA Edition:
"Emaar Properties expects to sell a 20 percent stake in its real estate development business next month in an initial public offering, it said on Sunday, with the smaller than anticipated sale sending its shares down by more than 2 percent. Dubai's largest listed developer said in a bourse statement that it had received shareholder approval to sell up to 30 percent of Emaar Development on the Dubai exchange, the first major listing in three years. Emaar Development was valued at 24.1 billion dirhams ($6.56 billion) as of September by JLL, Emaar said in a separate bourse statement, confirming a Oct. 2 Reuters report. "
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