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Emaar Development’s IPO vital to investors - Alabbar

Emaar Development’s IPO vital to investors - Alabbar
The final price of the company’s stock is projected to be determined on 16 November 2017
Emaar
EMAAR
-0.49% 8.15 -0.04

Dubai – Mubasher: Emaar Development’s initial public offering (IPO) enables investors to contribute to the future of Dubai's real estate sector, said Mohamed Alabbar, Emaar Properties chairman, on Thursday.

Emaar Development is developing freehold residential projects within integrated communities to meet high-standard life requirements, Alabbar added in a company statement.

Our strategic decision of offering Emaar Development’s shares for subscription is very important to investors, both individuals and institutions, the top official commented.

Earlier on Thursday, Emaar Development unveiled the average price of its stock on the Dubai Financial Market (DFM), which ranged between AED 5.70 and AED 6.90, according to a bourse statement.

Following the listing on the Dubai Financial Market (DFM), Emaar Development’s market capitalisation under the set average price per share will be AED 25.2 billion (about $6.8 billion), the company revealed.

The final price of the company’s stock is projected to be determined on 16 November 2017, Emaar Development added.

The listing request of Emaar Development’s shares on the DFM is expected to receive approval on 22 November, upon which the stock will be traded under the stock symbol EMAARDEV.