Dubai – Mubasher: Emaar Properties on Thursday announced that its subsidiary Emaar Development’s initial public offering (IPO) has been fully covered on the first day.

The coverage of Emaar Development’s IPO represents a positive indicator for both the market and the investors, said Alsafwa Mubasher’s CEO Ehab Rashad.

This will be reflected in the performance of Emaar Properties’ stock in the coming sessions, Rashad added.

In October, Emaar Properties stated that it will offer a 20% stake or 800 million shares in an IPO for its real estate development arm  Emaar Development for individuals from 2 to 13 November, and for institutions from 2 to 15 November.