Mumbai: Dubai’s Emaar Properties will raise up to $1.8 billion from an initial public offering of a unit in India, NDTV Profit TV channel said on Monday, January 21.
Emaar MGF Land will sell 102.6 million shares and has set a price band of Rs610-690($15.5-$17.5) per share, the news channel said.
A term sheet had earlier showed Emaar MGF will issue 117.39 million new shares, or 11.9% of its enlarged share capital in the IPO, and use proceeds for land and development rights, development and construction costs and repayment of loans.
It follows last week’s Reliance Power’s blockbuster $3 billion IPO, which was lapped up by investors in a minute.
Companies in India are expected to raise up to $15.8 billion from new listings this year.
DLF Ltd, India’s most valuable real estate firm, raised $2.25 billion in an IPO last year.