The date for Emaar Malls’ initial public offering (IPO) is approaching, banking sources have confirmed, adding that they expect the IPO to be launched on September 15.

Emaar had said that it expects to launch the IPO, amounting to nearly 9 billion shares, around mid-September, the sources revealed, highlighting that this IPO is the largest on both the local and regional markets.

It also appears that foreign investors are aware of the approaching IPO, and thus have increased their stakes in Emaar Properties during Tuesday’s trades. Net trading for foreign investors reached 8.065 million shares, thus raising the foreign non-Arab stake in Emaar Properties to 27.27%. Market value for their new investments in Emaar’s share reached nearly AED 82 million.

Emaar Properties’ share witnessed intense trading yesterday, reaching AED 176.4 million, with the share soaring by 11.9%, adding 19 fils. Emaar’s share closed at AED 10.15.

It is worth noting that trading took place on the share at the price of AED 10.20.