Shares in Dubai’s Emaar Properties jumped in early trade on Sunday after the developer said it would launch an initial public offer for its malls unit next month in what will be the emirate’s largest share sale in recent years.
Emaar’s shares rose 5.4 per cent to Dhs10.80, bringing their year-to-date gains to 56 per cent.
Ten analysts surveyed by Reuters have a median price target for the stock of Dhs11.30 and a mean target of Dhs10.83. Seven rate the stock a “buy” or a “strong buy”.
The company will launch the IPO to sell at least 15 per cent of its malls and retail unit on the Dubai Financial Market in September and plans to list the shares in October, a spokesman told Reuters.