Emaar MGF Starts $1.8 Billion IPO

January 22, 2008	(Be the first to rate this story!)  Loading ...
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Emaar MGF Land Ltd., one of the biggest Real Estate Developer of the Middle East started its initial public offering in India today amid the biggest plunge in equities in almost four years.

Speaking on the same Shravan Gupta executive vice chairman and managing director at Emaar MGF said that the market may go up, or come down, but there are fundamentals of a company and the long-term investors will look at that.

In a statement he company revealed that it is seeking 70.8 billion rupees ($1.8 billion), in what would be the second largest IPO by an Indian real estate company. The developer will offer 102.6 million shares at 610 rupees to 690 rupees apiece.

India’s Sensitive Index had the steepest move among global benchmarks today on concern the U.S. will enter a recession and as investors placed funds in Reliance Power Ltd.’s record IPO. DLF Ltd. had its biggest fall since completing a record share sale by an Indian real estate company in June.

News Published Under:   Real Estate Developers |

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