Emaar Malls likely to price share at Dh2.90

Emaar Properties, Dubai's largest listed developer, is likely to price the flotation of its malls unit at Dh2.90 a share, the top of its range, two sources familiar with the matter said on Wednesday.

The price would give the unit a value of Dh37.7 billion ($10.26 billion), one of the sources said.

Strong demand has seen the institutional tranche subscribed at 7.5 times at the top end of the Dh2.50-2.90 range, while the retail tranche is subscribed 20 times, two further sources said.