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Emaar Malls Pricing Announcement

Emaar Malls Group PJSC (under incorporation) (“EM” or the “Company”), the leading owner and operator of shopping malls in Dubai, including The Dubai Mall, today announces the successful pricing for the initial public offering (the “IPO” or the “Offering”) of its ordinary shares.

Emaar Malls Group PJSC (under incorporation)

Initial Public Offering – Announcement of Offer Price

Offer Price set at AED 2.90 per ordinary share

Emaar Malls Group PJSC (under incorporation) (“EM” or the “Company”), the leading owner and operator of shopping malls in Dubai, including The Dubai Mall, today announces the successful pricing for the initial public offering (the “IPO” or the “Offering”) of its ordinary shares.

  • The pricing for the Offering has been set at AED 2.90 per ordinary share (the “Offer Price”).
  • Based on the Offer Price, EM’s market capitalisation at listing will be approximately AED 37.7 billion ($10.3 billion).
  • The number of shares included in the Offer is 2,000,000,000, which represents approximately 15.4% of the share capital.
  • The value of ordinary shares sold by Emaar Properties PJSCtotals AED 5.8 billion ($1.6 billion).
  • The order book was over 30x oversubscribed for the Institutional tranche and over 20x oversubscribed for the Individual tranche at the top of the price range for the Offer Shares. The final allocations were approximately 70% to Institutional investors and 30% to Individual investors.
  • In total, there were over 470 orders in the Institutional order book.
  • Listing and trading on DFM are expected to commence at 10.00am (Dubai) on 2 October 2014 under the symbol “EMAARMALLS”.

H.E. Mohamed Alabbar, Chairman of Emaar Malls, said: “We are delighted that the landmark initial public offering of EM has been so successfully received by both institutional and individual investors. EM has performed very well across the business in the last five years and we firmly believe that our prominence within the MENA region’s fertile retail sector, alongside our world-famous assets and experienced management team, is a potent combination which will support the Company’s future growth. We welcome all new shareholders to EM as we enter a new phase in the development of the Company.”

Recent developments - Estimated Balance Sheet as of 30 September 2014

In accordance with the SCA requirements in connection with the Global Offering, on 1 October 2014, the Company will publish management estimates of the Company’s balance sheet (reflecting the opening statement of financial position as at 30 September 2014) (the “Estimated Balance Sheet”), which will include, among others, the selected items presented in the table below. The amounts set forth below, and those that will be set forth in the Estimated Balance Sheet, reflect management’s estimates only of the Company’s balance sheet position as at 30 September 2014 based on the trial balances available to the Company as at 28 September 2014, subject to certain adjustments. The Estimated Balance Sheet has not been audited, reviewed, reported on or approved by the Company’s independent auditor, Ernst & Young Middle East, Dubai Branch (“Ernst & Young”), or any other third party. Investors are therefore cautioned that actual results may differ from those reflected in the Estimated Balance Sheet, including those presented below.

Estimates as at 30 September 2014(AED millions)
Investment properties ..............................................................20,442
Share capital............................................................................13,014
Retained earnings ....................................................................377
Total non-current liabilities ......................................................7,301

The Company will also publish on 31 October 2014 reviewed financial statements of the Company as at and for the nine months ended 30 September 2014, which financial statements will have been reviewed by Ernst & Young.

Allotment Notices and Refunds

A notice to successful subscribers in the individual tranche will be sent by way of SMS advising that the applications were received and, if successful, that they will receive a share allocation. This will be followed by a notice sent by registered mail.

Notification of the final allocation of the shares offered for sale, and the refund of surplus amounts and accrued interest (if any), following the closing of the subscription period and prior to the listing of the Company’s shares shall be performed solely by, and processed through, the Receiving Banks in which the original application for subscription was submitted.

Details of the public subscription are also available at www.emaar.com; or please call 800 EMG IPO (800 364 476) for further information.

Merrill Lynch International (“BofA Merrill Lynch”), J.P. Morgan Securities plc (“J.P.Morgan”) and Morgan Stanley & Co. International plc (“Morgan Stanley”) are 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”) are the Joint Bookrunners.

Rothschild is acting as financial advisor on the Offering.

Emirates NBD Bank PJSC and National Bank of Abu Dhabi are the Lead Receiving Banks.

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