Cairo – Mubasher: Emaar Misr for Development, Egypt-based unit of UAE’s Emaar Properties, said it will float around 15% of its shares on the Egyptian Exchange, at a total value of nearly EGP 2.7 billion ($354 million).
The offer’s maximum price was set at EGP 4.49 per share, at a total number of shares not exceeding 600 million. The offering will be divided into two tranches; one for individuals and another for institutions, the company said in a press statement.
The IPO prospectus shows that the period of receiving subscriptions will run between 16-25 June.
The tranche for retail investors will comprise 90 million shares, or 15% of floated shares, while the tranche for institutional investors will comprise 510 million shares, or 85% of offered shares.
Emaar Misr said the IPO proceeds will go for funding its Emaar Square project in Up Town Cairo, as well as the international marina and other projects.