Dubai – Mubasher: The launch of an initial public offering (IPO) for Emirates District Cooling Company (Emicool), a Union Properties (UP) subsidiary, on the Dubai Financial Market (DFM) remains understudy, the property developer said Thursday.

Management will officially announce any updates in the matter in due time, UP said in a statement to the DFM.

Specialising in district cooling services, Emicool is a 50/50 joint venture between UP and Dubai Investments.

In April, UP chairman Khalid bin Kalban said that issuing 30% of Emicool’s stocks had been delayed several times owing to the harsh market conditions; however, it is expected that the IPO will bring in around $200 million in funds.