11/22/2017 | Press release | Distributed by Public on 11/22/2017 04:32
Final allocations were approximately 93.8% to qualified investors (the 'Qualified Offering') and 6.2% to individual and other investors (the 'Retail Offering').
Mohamed Alabbar, Chairman of Emaar Development, said: 'Today is a transformative day for Emaar Development, and marks an important next step in our work of shaping cities of the future. Already a flagship brand and a market leader in Dubai, our successful IPO demonstrates that regional and international investors are excited by our proven business model; specifically, our backlog of AED 41 billion; our high cash flows; and our targeted dividend yield of 8.6% for the next three years, which the Company believes is higher than our competitors, and expected to increase in the future.'
BofA Merrill Lynch, EFG Hermes UAE Limited, Emirates NBD Capital, First Abu Dhabi Bank and Goldman Sachs International are the Joint Global Coordinators for the offering. Emirates NBD and First Abu Dhabi Bank are the Lead Receiving Banks.