Emaar expects to raise USD 1.5 bn from real-estate unit IPO

IPO WATCH- Emaar plans to raise USD 1.5 bn from listing its real-estate development unit, Emaar Development LLC’s shares, Bloomberg reports, citing the price range document sent to the DFM. Emaar Development set a price range of AED 5.7-6.9 per share as the IPO opened on Thursday with 10% of the shares available to retail investors and 90% to institutions. Emaar is selling 20% of the unit overall. EFG Hermes is among a long list of joint global coordinators for the transaction, while Rothschild is financial adviser.