Emaar Misr’s initial public offering (IPO) is set to be launched on the Egyptian Stock Exchange (ESX) today (5 July).

The IPO price had been set at E£3.80 ($0.49) per share, with an expected total market cap of  £17.6bn ($2.2bn), at the time of listing.

In June MEED reported that the IPO was already oversubscribed by institutional investors.

There has been high interest from local and GCC banks, with lower levels of interest from international banks, a source involved in the IPO told MEED.

Emaar Properties will retain a stake of around 87 per cent in the developer.

The coordinators and bookrunners are local EFG Hermes, US-based JP Morgan. The lead manager is Dubai’s Emirates Financial Services, part of Emirates NBD.

The funds raised in the IPO will be used to continue developing commercial projects in Egypt, primarily Emaar Square, part of the Uptown Cairo project, the planned international marina and hotels in Marassi and Downtown area in its Mivida project, which includes both retail and office space. They will also fund pre-launch costs for the Cairo Gate project, as well as growing its landbank.