November 2, 2017 / 5:24 AM / a year ago

Emaar Development to raise as much as $1.5 bln in IPO

DUBAI, Nov 2 (Reuters) - Emaar Development, a unit of Dubai property firm Emaar Properties, said it has set an indicative price for its initial public offering, which would value the deal at 5.52 billion dirham ($1.50 billion) at the top end of the price range.

Emaar Development has set a price range of 5.7 dirhams and 6.9 dirhams per share, according to a company statement on Thursday.

Emaar Properties plans to sell a 20 percent stake in its real estate development business, a smaller-than-expected size after it had received shareholder approval to sell up to 30 percent of the unit.

It is offering 800 million shares, according to the prospectus, in the first major listing since late 2014 when Emaar Malls raised about $1.6 billion. ($1 = 3.6726 UAE dirham) (Reporting by Saeed Azhar and Hadeel Al Sayegh; editing by Davide Barbuscia)

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