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Emaar Development commences trading in Dubai

Emaar Properties PJSC's development arm listed its shares on the Dubai Financial Market and started trading under the EMAARDEV ticker Nov. 22.

Emaar Development PJSC has an estimated market capitalization at listing of roughly 24.1 billion United Arab Emirates dirhams, based on the price set for the 800 million shares it offered. Qualified investors subscribed for roughly 93.8% of the shares, while the rest were bought by retail investors.

Shares of Emaar Development opened at 5.61 dirhams apiece, compared to its IPO per-share price of 6.03 dirhams.

Emaar Development Chairman Mohamed Alabbar said the company has a backlog worth 41 billion dirhams, with a target dividend yield of 8.6% for the next three years.

BofA Merrill Lynch, EFG Hermes UAE Ltd., Emirates NBD Capital, First Abu Dhabi Bank and Goldman Sachs International serve as the joint global coordinators for the offering, while Emirates NBD and First Abu Dhabi Bank are the lead receiving banks.

As of Nov. 21, US$1 was equivalent to 3.67 United Arab Emirates dirhams.