Mumbai: Emaar Properties will raise up to $1.8 billion from an initial public offering of a unit in India, NDTV Profit TV channel said on Monday.
Emaar MGF Land will sell 102.6 million shares and has set a price band of Rs 610-690 ($15.5-$17.5) per share, the news channel said.
A term sheet had earlier showed Emaar MGF will issue 117.39 million new shares, or 11.9 per cent of its enlarged share capital in the IPO, and use proceeds for land and development rights, development and construction costs and repayment of loans.
It follows last week's Reliance Power's blockbuster $3 billion IPO, which was lapped up by investors in a minute.
• Check out our Yearender Special
Companies in India are expected to raise up to $15.8 billion from new listings this year.
DLF Ltd, India's most valuable real estate firm, raised $2.25 billion in an IPO last year.
Emaar MGF Land will sell 102.6 million shares and has set a price band of Rs 610-690 ($15.5-$17.5) per share, the news channel said.
A term sheet had earlier showed Emaar MGF will issue 117.39 million new shares, or 11.9 per cent of its enlarged share capital in the IPO, and use proceeds for land and development rights, development and construction costs and repayment of loans.
It follows last week's Reliance Power's blockbuster $3 billion IPO, which was lapped up by investors in a minute.
• Check out our Yearender Special
Companies in India are expected to raise up to $15.8 billion from new listings this year.
DLF Ltd, India's most valuable real estate firm, raised $2.25 billion in an IPO last year.
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