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Emaar Misr cuts price of its Egypt IPO to $353m

Emaar Misr cuts price of its Egypt IPO to $353m

The company had previously aimed to price the shares at 4.70 Egyptian pounds.

Emaar Misr, the Egyptian unit of Dubai’s Emaar Properties, has scaled back the price of its listing of 600 million shares on the Egyptian bourse to $353 million from a previous $367 million.

The Emaar listing is expected to be the largest flotation on the Cairo exchange since 2007. The Egyptian subsidiary has a portfolio of investments in Egypt worth around 53 billion Egyptian pounds ($6.95 billion), according to its website.

The subsidiary of Dubai’s largest real estate developer said in an announcement in Egyptian newspapers on Monday the shares will be priced at a maximum of 4.49 Egyptian pounds each, meaning the offer is expected to raise 2.69 billion pounds ($353 million).

The company had previously aimed to price the shares at 4.70 Egyptian pounds.

But a source informed about the offer process told Reuters the final price would be less than 4.49 pounds per share “but that hasn’t been decided until now”.

A tranche of the offer for retail investors will comprise 90 million shares and a tranche for institutional investors will offer 510 million shares.

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