CAIRO: Under the symbol “EMFD.CA,” the Egyptian Exchange (EGX) commenced on Sunday trading on leading property developer Emaar Misr, subsidiary of the UAE’s Dubai-based developer Emaar Properties, at an opening price of 3.8 EGP/share.
The company has offered 600 million shares worth 2.3 billion EGP in both public and institutional tranches. Emaar Misr announced that its second tranche of its initial public offering (IPO) was oversubscribed by about 36 times.
“We are honored to join our peers and partners in such an encouraging regulatory environment,” Emaar Misr Chairman, Mohamed Alabbar said in a joint statement.
Emaar Misr intends to direct proceeds from the IPO to carry out its “ambitious growth plans, which reflect our confidence in the strong potential of the Egyptian economy,” Alabbar added.
“The successful listing of large companies such as Emaar Misr sends a clear message to the investment community locally and globally that the economy is rapidly recovering, with an improving outlook,” said EGX Chairman, Dr. Mohamed Omran.
Emaar Misr offering has witnessed the largest oversubscription level in Egypt since the global financial crisis, said Omran.
Corporations have raised equity of 21 billion EGP since June, 2013, making the EGX an engine of national growth.
Emaar Misr is one of the largest real estate investors in Egypt and a leading developer of premium residential communities, with a diversified client base through residential properties, retail and offices space, and hotels.
Emaar Misr now has four projects, including Uptown Cairo, Marassi, Mivida, and Cairo Gate, with a land bank of approximately 15.4 million square meters.