DUBAI, Aug 31 (Reuters) – Emaar Properties will launch an initial public offer to sell at least 15 percent of its shopping malls and retailing unit on Dubai’s main stock market in September, and plans to list the shares in October.
The emirate’s largest real estate developer will offer 30 percent of the shares to individual investors and 70 percent to qualified institutional investors, it said in a statement to Dubai’s bourse on Sunday.
“The pricing of the IPO will be determined via a book-building process with qualified institutional investors who are clients of the Joint Global Coordinators or the Joint Bookrunners,” the statement added.
Emaar had said in March that it would sell up to 25 percent of the unit in a public offer expected to raise 8 to 9 billion dirhams ($2.18-$2.45 billion).
The developer repeated on Sunday that it would pay a dividend totalling 9 billion dirhams to its shareholders.
A spokesman for the company told Reuters that subscriptions would open next month and the shares would be listed in October. (1 US dollar = 3.6727 United Arab Emirates dirham) (Reporting by Praveen Menon; Editing by Andrew Torchia)
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