Emaar MGF may issue pre-IPO placement

Emaar MGF may hit the Indian capital market in two tranches before May this year. The joint venture between Emaar Properties and MGF Development, may raise around 10 per cent of Dh3.05 billion, in a pre-IPO private placement.

Emaar MGF, along with about seven other India-based real estate firms, has been awaiting clearance from market regulator Sebi (Securities and Exchange Board of India). "[Sebi] is taking a cautious approach towards real estate IPOs. Most firms that have applied for the IPO, including Emaar MGF, are likely to get the required permission between March and May," said an analyst from Mumbai.

Emirates Business has learnt the company plans to raise the amount in two tranches. "The company may consider a pre-IPO placement," a spokesperson of Emaar MGF said.

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.