Emaar Development, the real estate development arm of Dubai’s Emaar Properties, raised Dh4.82 billion from its IPO, the biggest listing since 2014 and the third largest ever offering on a Dubai-based exchange.
“Today marks an important milestone for Emaar Development, as the strong retail and institutional investor interest in our IPO places us closer to achieving our vision for the future,” said Emaar Properties chairman Mohamed Alabbar.
The company priced the sale of 800 million shares – equating to a 20 per cent stake in the firm - at Dh6.03 per share, according to a statement on the Dubai Financial Market (DFM) on Thursday.
Emaar Development’s Dh4.82 billion IPO is the largest on the DFM since the 2014 listing of fellow Emaar Properties subsidiary Emaar Malls, which raised Dh5.8bn. It is the third largest Dubai listing after Emaar Malls and the US$4.96 billion IPO of DP World on Nasdaq Dubai in 2007.
The Dh6.03 price came in at the middle of the original pricing guidance of Dh5.7-6.9 per share announced in early November, which was subsequently revised to Dh6.03-6.70 per share. Pricing at the maximum level would have resulted in an IPO of Dh5.52bn.
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“Emaar Development has a clear strategy for growth, a strong sales backlog, high cash flows, and targeted dividends of $1.7bn to be paid over the next three years – indicating strong dividend yield, especially in comparison to our peer group," Mr Alabbar said.
“We are highly confident in the future of our group, and the benefits that this offering will create for shareholders.”
Institutional investors were allocated 93.8 per cent of the 800 million shares on offer, with retail investors buying the remaining 6.2 per cent subscription, the company said. It did not disclose to what extent the offering was oversubscribed.
Shares in Emaar Properties fell following the announcement, opening one per cent lower, eventually closing down 0.3 per cent at Dh7.86.
“There is no clarity yet on the special dividend to be paid to shareholders of Emaar Properties, and that is causing selling pressure in the market,” Marwan Shurrab, head of high net-worth and retail equities brokerage at Al Ramz Capital in Dubai, told Bloomberg.
“The market has been pricing in a lower special dividend range, between AED 0.7-0.8 per share, and that is less than what was initially expected” when the unit IPO was announced.
“There still is no clarity on by how many times each of the tranches were over-subscribed. People want to know the details, what was the appetite from each side.”
Trading in the stock is expected to commence on the DFM on November 22.
Emaar Development is only the second company to IPO on the DFM since the debut of DXB Entertainment in November 2014. Only one company - insurer Orient UNB Takaful - has listed on DFM since, with its shares going untrading since their June debut.
The Abu Dhabi National Oil Company (Adnoc) announced plans earlier this week to list a minority stake in Adnoc Distribution, its services stations operator, on the Abu Dhabi stock exchange in December.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
THE NEW BATCH'S FOCUS SECTORS
AiFlux – renewables, oil and gas
DevisionX – manufacturing
Event Gates – security and manufacturing
Farmdar – agriculture
Farmin – smart cities
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
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Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
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When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
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