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DUBAI - Emaar Development , a unit of Dubai property firm Emaar Properties , priced its initial public offer of shares below the mid-point of an indicative price range, valuing the deal at 4.82 billion dirhams ($1.31 billion) in Dubai's first major IPO in three years.
Emaar Development priced the IPO at 6.03 dirhams, according to a company statement on Thursday, against an indicative range of 5.7-6.9 dirhams per share set earlier this month.
Emaar Properties is selling a 20 percent stake or 800 million shares in its local development unit in the first major listing in Dubai since late 2014, when Emaar Malls raised about $1.6 billion.
(Reporting by Saeed Azhar; Editing by Andrew Torchia) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))
Emaar Development priced the IPO at 6.03 dirhams, according to a company statement on Thursday, against an indicative range of 5.7-6.9 dirhams per share set earlier this month.
Emaar Properties is selling a 20 percent stake or 800 million shares in its local development unit in the first major listing in Dubai since late 2014, when Emaar Malls raised about $1.6 billion.
(Reporting by Saeed Azhar; Editing by Andrew Torchia) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))
