Emaar Malls starts trading on Dubai Financial Market

Emaar Malls starts trading on Dubai Financial MarketImage Credit: Supplied

Emaar Malls Group (EM) has listed its shares on the Dubai Financial Market on October 2, with shares priced at Dh2.90 per share, the top end of the range, giving a market capitalization on listing of approximately Dh37.7 billion.

In total, the order book was more than 30 times oversubscribed at the top end of the range for the institutional tranche and more than 20 times oversubscribed for the individual tranche.

''Over the past few weeks, the response from investors to the offering has surpassed our greatest expectations and is testament to the confidence in the Emaar Malls business and the UAE's financial markets,'' said Mohamed Alabbar, Chairman of Emaar Malls. ''We are fortunate to have a very high quality share register comprising blue-chip investors from the UAE, Middle East and North Africa [Mena] and the rest of the world.''

Final allocations were approximately 70 per cent to institutional investors and 30 per cent to individual investors. Orders were received from a wide range of institutional investors from the region and around the world. Around 35 per cent of institutional investors were from the UAE, 39 per cent from other Mena countries and 26 per cent from the rest of the world.

Total allocations to UAE investors across the institutional and individual tranches were around 55 per cent.

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Source: Property Weekly


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