By Ahmed Allam

Cairo – Mubasher: Emaar Misr for Development, the Egypt-based subsidiary of UAE’s Emaar Properties, saw till the end of the sixth day of its initial public offering (IPO) subscription to nearly 342,372,457 shares, or 3.8 times the total shares offered for individuals, which amount to 90 million shares or 15% of the floatation.

The company’s IPO started on 16 June and will run till 25 June, according to the prospectus.

Emaar’s stock will debut on the Egyptian Exchange under the ticker “EMFD.CA” starting 2 July.

Emaar announced earlier the successful pricing of its IPO at EGP 3.8 per share, adding that based on the offer price, its market capitalisation at listing will be approximately EGP 17.6 billion ($2.3 billion).

“We are very pleased by the strong institutional demand and quality interest in becoming a shareholder of Emaar Misr from Western, regional and Egyptian institutional investors,” said Emaar Misr chairman Mohamed Alabbar.

He added that such interest is a testimony to the company’s business quality, growth profile and management team.

“Our focus remains on establishing a strong base of shareholders to support our future development plans and growth strategy. We look forward to concluding the public offering tranche, and to the Company’s next growth phase as a listed company,” he noted.

Emaar Misr has appointed EFG Hermes and J.P. Morgan as the joint global coordinators and joint bookrunners for the IPO, while Emirates Financial Services was appointed as lead manager for the offering.

Translated by Sayed Abdel Rahman