Emaar MGF Land Ltd, the real estate firm that is attempting India’s second largest real estate public offering amid volatile stock markets, said it had no plans of deferring its share sale despite the volatility in the stock market.
“There is no such thinking about postponing the IPO (initial public offering) date or lowering the price band,’’ said Shravan Gupta, managing director, Emaar MGF, with the caveat he may change his mind only if the Sensex crashes to 13,000 or 14,000 points. “I don’t see that happening.”
Emaar MGF is a joint venture between Dubai’s largest developer, Emaar Properties PJSC and New Delhi-based developer MGF Developments Ltd. The company is also looking at multiple real estate investment trusts (Reits) listings in the Singapore, London or Indian markets once Reits are allowed in India.
Emaar MGF is selling 102.57 million shares, or 10.4% of the promoters’ stake, to the public. The company is looking to raise as much as Rs7,078 crore through the share sale—the third largest issue in the country after those of Reliance Power Ltd and DLF Ltd.