Emaar Misr sets share pricing

04 June 2015

Developer prepares to list on Egyptian Exchange

  • Egypt’s 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

Emaar Misr for Development, the Egyptian subsidiary of Dubai’s Emaar Properties, has set its indicative price range at between E£3.05 ($0.4) to E£4.20 a share.

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 Dubai’s Emirates Financial Services.

Emaar Misr has a landbank of 10.4 million square meters in east, west and central Cairo as well as Egypt’s Mediterranean coast.

The aggregate market value of Emaar Misr’s 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 Misr’s Projects
ProjectValue ($m) Size (square metres)Stage 
Uptown Cairo 2,1004,500,000Execution
Marassi Beach Resort1,6536,500,000Execution
Emaar Square862600,000Design
Cairo Gate Mall820120,000Execution
Khalifa bin Zayed City5002,200,000Design
Mivida3863,800,000Execution
Source: MEED Projects

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