Emaar to raise $1.5bn through an IPO

September 27, 2007	(Be the first to rate this story!)  Loading ...
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Emaar MGF Land Private Limited is planning to sell 10% stake through an IPO in India, which is expected of raising around $1.5 billion (depending on the market condition) to make it the country’s biggest listing.

40% of the company is owned by Dubai’s Emaar Properties whereas MGF Development has 60%.

Formed by Emaar Properties PJSC and MGF Developments Limited of India, Emaar MGF had filed a prospectus with the India’s market regulator. The company would offer up to 111.74 million shares in the sale, including a pre-IPO placement at a price to be decided through a book-building issue.

The regulator will take around a month to approve the issue. Once the company gets nod, it will then offer shares in the next three months, inform bankers.

The market condition will decide about the prices of the issues to be released.  In case, the market rises to 18,000 or 19,000, it would be a different story altogether, says a banking source.

News Published Under:   Banking and Finance |

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