Cairo – Mubasher: Emaar Misr for Development, the Egypt-based subsidiary of UAE’s leading developer Emaar, said Sunday it set allotment ratio for its initial public offering at 2.78% per subscriber.

Subscription excess amounts will be refunded Monday, the company added.

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.

The company’s IPO started on 16 June and ran 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).