Emaar Misr cuts price of its Egypt IPO to $353 mn

Emaar Misr, the Egyptian unit of Dubai's Emaar Properties, has scaled back the price of its listing of 600 million shares on the Egyptian bourse to $353 million from a previous $367 million.

The Emaar listing is expected to be the largest flotation on the Cairo exchange since 2007. The Egyptian subsidiary has a portfolio of investments in Egypt worth around LE53 billion ($6.95 billion), according to its website.

The subsidiary of Dubai's largest real estate developer said in an announcement in Egyptian newspapers on Monday the shares will be priced at a maximum of LE4.49 each, meaning the offer is expected to raise LE2.69 billion ($353 million).

The company had previously aimed to price the shares at LE4.70.

But a source informed about the offer process told Reuters the final price would be less than LE4.49 per share "but that hasn't been decided until now".

A tranche of the offer for retail investors will comprise 90 million shares and a tranche for institutional investors will offer 510 million shares.

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