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Dubai’s Emaar Malls Group Jumps 20% On Listing

Dubai’s Emaar Malls Group Jumps 20% On Listing

Emaar’s shares, which were sold at Dhs2.90 in the heavily oversubscribed IPO, rose to Dhs3.49 on the market.

Shares in Dubai’s Emaar Malls Group (EMG) jumped 20 per cent shortly after opening on Thursday as the stock started trading on Dubai’s main stock exchange following a $1.6 billion initial public offer.

EMG shares, which were sold at Dhs2.90 in the heavily oversubscribed IPO, rose to Dhs3.49 on the market. Dubai’s main index, which does not yet include the stock, slid 1.0 per cent.

The listing of Emaar Malls Group (EMG) underlines Dubai’s recovery from its financial crisis, which erupted in 2009, and is expected to pave the way for other companies to list on the emirate’s stock markets after a drought of IPOs.

It is also the biggest initial public offering (IPO) in the Gulf since Saudi Arabian Mining Co (Ma’aden) raised $2.47 billion from its debut on the Saudi stock exchange in July 2008.

Emaar’s listing will be the second stock listing on the Dubai bourse in just over a week, following a five-year hiatus, after Marka debuted on Sept. 25.

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