Dubai’s Emaar Malls Listing Likely To Price At Top Of Range

Emaar Properties, Dubai’s largest listed developer, is likely to price the flotation of its malls unit at Dhs2.90 a share, the top of its range, two sources familiar with the matter said on Wednesday.

The price would give the unit a value of Dhs37.7 billion ($10.26 billion), one of the sources said. Strong demand has seen the institutional tranche subscribed at 7.5 times at the top end of the Dhs2.50-Dhs2.90 range, while the retail tranche is subscribed 20 times, two further sources said.