Emaar MGF Plans IPO

Real estate firm Emaar MGF will be listed in the Indian bourses by unveiling an initial public offering (IPO) to raise $1.7 billion by early next month, said the company's chairman. They are expecting the IPO to happen early January. They are planning to raise about $1.7 billion for its expansion in India. Emaar MGF has filed the draft prospectus for the IPO with market regulator Securities and Exchange Board of India (SEBI) in September. The global co-ordinators and book running lead manager to the issue are Enam Securities and DSP Merill Lynch. Emaar MGF is a joint venture between the Emaar group of the United Arab Emirates (UAE) and leading Indian real estate developer MGF.