Emaar Misr says 15% of IPO available for individuals, 85% for institutions

Cairo, Egypt (Capital Markets in Africa):- Emaar Misr for Development, the Egypt-based subsidiary of UAE’s Emaar Properties, said Sunday around 90 million of its shares, representing 15% of its planned initial public offering will be offered for individuals, while nearly 51 million shares, or 85% of total floated shares, will be available for institutions.

Subscription application for the individual tranche will have a minimum of 100 shares and maximum of 10 million shares. 25% of application value should be deposited, starting 16 June till 25 June.

Meanwhile, subscription application for the institutional tranches will have a minimum of 100,000 shares, with no maximum level. The value of requested shares should be fully deposited before subscription close.

The company’s IPO will start 16 June, through 25 June, according to the prospectus.

Emaar Misr will offer 600 million shares to be issued, representing 12.99% of its post-increase share capital.