Linklaters has advised Emaar Malls Group (EMG), the leading owner and operator of shopping malls in Dubai, and its parent company, Emaar Properties, on EMG’s IPO, the second largest ever in the United Arab Emirates. The initial sale of shares were priced at the top of the proposed range amid huge demand from investors, making it the largest stock offer in a Gulf Arab economy since 2008.
Shares in the initial public offer were priced at 2.90 dirhams per share, giving an overall sale value of 5.8 billion dirhams ($1.58 billion). With a market value of 37.7 billion dirhams upon listing, it will become the third-largest stock on the Dubai Financial Market when it begins trading on Oct. 2.
Bank of America-Merrill Lynch, JP Morgan Chase and Morgan Stanley were joint global coordinators of the offer, and four other banks acted as joint bookrunners.
Jason Manketo, US Capital Markets partner at Linklaters, said: “This IPO was not only a milestone for Emaar Malls Group, but also represents a significant step in the further development of the UAE capital markets which we hope proves to be a catalyst for future IPOs in the UAE.”
The Linklaters team advising EMG was led by London-based US Capital Markets partner Jason Manketo and Dubai-based Corporate partner Scott Campbell, together with associates Saeed Al Awar and Yaro Alekseyev.
Source: www.linklaters.com
