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Emaar moving ahead with Indian unit IPO
Source: BI-ME , Author: BI-ME staff
Posted: Mon August 3, 2009 12:08 am
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UAE. Emaar MGF, the Indian subsidiary of Emaar Properties, plans to appoint as many as four investment banks for a US$800 million IPO next month, the National reported, citing an unidentified source at one of the banks.

Emaar withdrew plans to raise almost US$2 billion last year due to the collapse of India’s stock market.

The IPO plan is now back on track as international markets and investor appetite for Indian shares have recovered.

Emaar MGF has selected Kotak Mahindra Bank Ltd. as the lead manager for the offer, and has short-listed JPMorgan Chase & Co., Merrill Lynch & Co., Deutsche Bank AG and Enam Securities to advise on listing the shares on the Indian stock market, the Abu Dhabi-based newspaper reported. The banks will be appointed within a fortnight, the newspaper said.

“Based on regulatory approvals and dependent on market opportunities, Emaar MGF continues to evaluate various fund-raising options including an IPO,” the company said in a statement on the Dubai Financial Market website.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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