Rebounding on shopping malls: Emaar expects to gain $1.58 billion from Gulf’s biggest stock sale since 2008

4103Dubai’s Emaar Properties is seeking to raise as much as Dh5.8 billion ($1.58 billion) from an initial public offer of shares in its shopping malls unit that is expected to be the Gulf’s biggest stock sale since 2008.

Emaar, the emirate’s largest real estate developer, expects to sell 2 billion shares in Emaar Malls Group (EMG), representing 15.4 per cent of its share capital, in a price range of Dh2.50 to Dh2.90 per share, it said on Sunday.

At the mid-point of that range, EMG’s market capitalisation upon listing its shares would be approximately Dh35.1 billion, said Emaar, the builder of the world’s tallest skyscraper, Burj Khalifa.

The share sale starts on Sunday and will end on September 24 for retail investors and on September 26 for institutional investors. EMG shares will then list on the Dubai Financial Market on October 2.

Since Dubai’s 2009 financial crisis, Emaar’s retailing business has benefited from a strong rebound in the emirate’s economy on the back of a tourism and trade boom. Emaar said its malls unit made a profit of Dh617.2 million in the first half of 2014, up from Dh498 million a year earlier.

Revenue in the six months to June 30 was Dh1.25 billion, compared to Dh1.11 billion a year ago.

All of EMG’s properties are located in Dubai and 82 per cent of the company’s rental income in the first six months of 2014 came from its largest asset, The Dubai Mall, one of the world’s largest shopping malls, it said in its prospectus.

Dubai’s government owns about 30 per cent of Emaar Properties, which plans to pay a special dividend related to the IPO of around Dh9 billion to its shareholders; Dh5.3 billion from the IPO proceeds and Dh3.7 billion from a dividend already paid by EMG to its parent.

Bank of America-Merrill Lynch, JP Morgan Chase and Morgan Stanley are joint global coordinators of the offer, with four other banks acting as joint bookrunners

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