Emaar MGF Land to raise Dh6.5 bn

Emaar MGF Land, a joint venture between Dubai's Emaar Properties and India’s MGF Development, is planning to raise Dh6.5 billion in an initial public offering. The IPO is touted to be the second-largest by an Indian real estate firm.

According to Bloomberg, the capital raised will be used for land and development rights, construction costs and general corporate purposes.

The company will offer 102.6 million equity shares at INR 610 (Dh56.6) to INR 690 (Dh64) per share, according to a statement released by the developer. The company is selling its shares amid a considerable drop in stock markets.

 

Rating agency Credit Ananlysis and Research Limited (CARE) has assigned it an ‘above average’ IPO grading.

The offer will open on February 1 and close on February 6.

Emaar MGF has a presence in various segments — residential, complexes, office space, hospitals and hotels.