Dubai – Mubasher: Emaar Development has set the final price of its initial public offering (IPO) at AED 6.03 per share, according to a company statement to the Dubai Financial Market (DFM) on Thursday.

The value of ordinary shares sold by Emaar Properties amounts to AED 4.82 billion (US$ 1.31 billion), the firm highlighted.

The Dubai-based company’s market capitalisation at listing will be approximately AED 24.1 billion (US$6.56 billion) based on the offer price, the firm said.

The firm added that the final allocations were about 93.8% and 6.2% for qualified investors and for individual and other investors, respectively.

Emaar Development is expected to be listed and traded on the DFM at 10:00 am Dubai time on 22 November 2017 under the symbol “EMAARDEV”, the firm noted.

Emaar Properties is selling 20% or 800 million shares of its real estate development firm since 2 November.

The new offering is forecasted to be the same as in the first major listing of Emaar Malls on the DFM in 2014, which raised about AED 5.8 billion ($1.6 billion).