New Delhi: The Indian unit of Emaar Properties, the Arab world’s largest listed developer, will launch its $770 million initial public offering in 90 days, a company official said on Thursday.
Emaar MGF Land Ltd, a joint venture between Emaar and Indian financier MGF, has no plans for any pre-IPO placement, Shravan Gupta, executive vice chairman of the Indian unit, told reporters.
“We are looking at this quarter, the next 90 days. (It) will depend on how the market is,” Gupta said, referring to the planned share sale.
Emaar MGF said last month it had received the Indian stock market regulator’s approval for an IPO and that the company’s board was considering an opportune time for the IPO to hit the market.
Emaar chairman Mohammed Alabbar said the Dubai real estate market was still soft but he expected it to bounce back in the next one year.
Property firms in Dubai were hit hard by the global downturn, which sent prices in the emirate’s once-booming real estate sector tumbling some 50% from their peaks in 2008.
Emaar, builder of the world’s tallest tower Burj Khalifa, said in January Dubai’s property prices had stabilised.
In February, Emaar said it would focus on mid-income housing in emerging markets and overseas expansion to boost 2010 revenue after returning to profit in the fourth quarter.
Alabbar said the company had no plans to roll over further debt.
Emaar, 31.2%-owned by the Dubai government, had earlier this month said it would roll over $1.23 billion debt maturing in 2010 into long-term project financing deals.