- Egypts Emaar Misr has set its indicative price range at E£3.05 to E£4.20 a share.
- It will list on the Egyptian Exchange from 16 June
- It hopes to raise E£2.3bn
It hopes to raise E£2.3bn in its initial public offering (IPO) on the Egyptian Exchange.
Emaar Misr will issue 600 million shares, representing approximately 13 per cent of the post share offer capital. The post-IPO market capitalisation is estimated to be approximately E£17.9bn.
Emaar Properties will retain a stake of around 87 per cent in the developer.
The offering will start on 16 June 2015 and will close on 25 June.
Emaar started the institutional book-building process ahead of the listing. The coordinators and bookrunners are local EFG Hermes, US-based JP Morgan. The lead manager is Dubais Emirates Financial Services.
Emaar Misr has a landbank of 10.4 million square meters in east, west and central Cairo as well as Egypts Mediterranean coast.
The aggregate market value of Emaar Misrs fully owned properties as of 31 December 2014 was E£23.4bn.
The funds raised in the IPO will be used to continue developing commercial projects, 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.
|Emaar Misrs Projects|
|Project||Value ($m)||Size (square metres)||Stage|
|Marassi Beach Resort||1,653||6,500,000||Execution|
|Cairo Gate Mall||820||120,000||Execution|
|Khalifa bin Zayed City||500||2,200,000||Design|
|Source: MEED Projects|