Marka trading points to frenzied debut for EMG

摘要

Emaar malls croup is set to begin trading next week and the market's enthusiastic reception for a much smaller debutante, marka, suggests that EMG's listing in Dubai could well be a lively event. EMG is set at the top of its Dh2.50-Dh2.90 price range this weekend having told investors last week that orders below Dh2.90 risked missing out on the transaction. At that pricing, the Dubai Financial Markets IPO will total Dh5.8bn (US$1.579bn), the largest IPO in Dubai since DP World's US$4.96bn issue in 2007. It is no surprise that the issuer will price at the best possible level, given that the deal was covered through the range on the first day of roadshows - a rare event even in these happy times for ECM markets.