Emaar Listing to add $2.26bn to Cairo Market Cap – Official

Listing Emaar Misr on Cairo bourse is to add up to 17,5 billion Egyptian pounds (US$2,26 million) the market capitalisation, bourse chief Mohamed Omran said Thursday.

Emaar Misr, the Egyptian unit of the UAE’s biggest property developer Emaar Properties, will list on the Egyptian Exchange (EGX) tomorrow, July 5.

The company has sold shares to the public in the largest IPO in Egypt since 2007.

Emaar’s stock will debut on the Egyptian Exchange under the ticker “EMFD.CA” starting 2 July.

The initial public offering for its Egyptian unit attracted more than 11 times the number of shares available for institutional buyers amid booming appetite for investing in the Arab world’s most populous nation.

The tranche offered to Egyptian investors was oversubscribed 36 times.

In all, the company sold 600 million shares, or a 13 per cent stake, at 3.8 Egyptian pounds per share, valuing the whole company at 17.6 billion pounds.