Dubai's Emaar Development shares open sharply lower on listing

The stock opened at 5.61 dirhams, down from its initial public offer price of 6.03 dirhams, exchange data showed.

  
DUBAI - Shares in Emaar Development, the local real estate arm of top Dubai real estate developer Emaar Properties, fell sharply upon listing on Wednesday.

The stock opened at 5.61 dirhams, down from its initial public offer price of 6.03 dirhams, exchange data showed. The company had priced its initial public offer in the lower half of an indicative range of 5.7-6.9 dirhams per share set earlier this month.

(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))

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