|01-27-2015, 12:43 PM||#1|
Emaar Properties said to be fixed on $270 million IPO for Emaar Misr in Q2
We will hear about Emaar Properties’ plans to list its Egyptian unit, Emaar Misr “within days” on Egypt’s market, sources told Reuters ahead of the initial public offering (IPO) that is designated for the second quarter of this year.
“Within a few days, Emaar Misr will offer the documents to the stock market. The IPO will be in the second quarter, God willing,” said one of the sources to Reuters but chose to be unknown considering the information is not public.
The IPO of Emaar’s Egyptian business is forecast to be worth a little over EGP2 billion ($270.3 million), which marks the biggest offering on the Cairo stock exchange since 2007.
The only major IPO that has occurred since the political problems began in 2011 was the listing of Arabian Cement Company in May 2014, which raised EGP700 million.
According to Emaar’s website, Emaar Misr holds an active investment portfolio worth about EGP53 billion in Egypt.
The IPO will be arranged by JPMorgan and EFG Hermes, and the time of it is yet undetermined, but the company earlier said it will depend on the conditions of the market.
A successful listing of Emaar Misr proved extremely beneficial for Emaar Properties, considering that the Cairo Bourse is less volatile than UAE stock markets and sees a more rational and science-based trading.
Interest in Egypt and its corporate market has been growing of UAE and Gulf companies after the ousting of the Muslim Brotherhood in 2013.
Former UAE telecommunications monopoly Etisalat said in August that it is assessing the floatation of Etisalat Misr.
When Emaar Misr’s IPO goes through, it will be the second listing for an Emaar Properties unit in a single year. Emaar is also evaluating the timing to list its hotels unit as well.
Emaar seems highly determined to capitalize the growth seen in Gulf equity markets and the improvement of investor sentiment that has made UAE and Egypt among the top performers in the world regarding the stock market.
Middle East markets have witnessed a great deal of volatility in the last couple of months on the back of the slump in global oil prices, however the Egyptian stock market has managed quite good and have seen little irrational fluctuations.
Emaar Misr could list soon, and until the oil and the UAE stock markets stabilize, it will still be Emaar Misr’s IPO for now.
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