Emaar Malls lists and commences trading on DFM
The shares of EM were priced at AED 2.90 per share, at the top end of the range, giving a market capitalisation for EM on listing of approximately AED 37.7 billion (US$10.3 billion). In total the order book was over 30x oversubscribed at top end of the range for the Institutional tranche and over 20x oversubscribed for the Individual tranche.
Final allocations were approximately 70 percent to Institutional investors and 30 percent to Individual investors. Consistent with one of the strategic objectives of the IPO of diversifying the investor base of Emaar Malls, orders were received from a wide range of institutional investors from the region and around the world.
The geographic split of allocations to institutional investors based on the number of institutions was approximately 35 percent to U.A.E., 39 percent to other MENA and 26 percent to RoW (including US, UK, Europe and South East Asia), which was in line with the number of related orders received from each location.
In aggregate, total allocations to U.A.E. investors across the institutional and individual tranches were c. 55 percent, in line with the value of total orders received.
Mr. Alabbar said, "Today is the beginning of a new era for Emaar Malls and a landmark day for the Dubai Financial Market . Over the last few weeks, the response from investors to the offering has surpassed our greatest expectations and is testament to the confidence in the Emaar Malls business and the U.A.E.'s financial markets.
"We are fortunate to have a very high quality share register comprising blue-chip investors from the UAE, MENA and rest of world. We welcome all new shareholders to Emaar Malls and look forward to creating value for them as we continue to grow and develop as a listed company.
Merrill Lynch International (BofA Merrill Lynch), J.P. Morgan Securities plc (J.P.Morgan) and Morgan Stanley & Co. International plc (Morgan Stanley) were the joint global coordinators for the Offering.
BofA Merrill Lynch, J.P.Morgan, Morgan Stanley, EFG Hermes UAE Limited (EFG Hermes), Emirates Financial Services PSC (EFS), HSBC Bank Middle East Limited (HSBC) and National Bank of Abu Dhabi PJSC (NBAD) were the joint bookrunners. ■