Cairo – Mubasher: Emaar Misr for Development, the Egypt-based subsidiary of UAE’s property firm Emaar, announced Tuesday it expects to obtain listing approval from the Egyptian Exchange (EGX) on Thursday 2 July, and accordingly trading of its ordinary shares will likely start on or around Sunday 5 July.

The company said Sunday it set allotment ratio for its initial public offering at 2.78% per subscriber.

Upon closing on Thursday, the second tranche of Emaar Misr IPO saw subscription to nearly 3.23 billion shares, or 36 times the total shares offered for individuals, which amount to 90 million shares or 15% of the floatation.

Emaar Misr said earlier its stock will debut on Cairo bourse under the ticker “EMFD.CA” starting 2 July.