Emaar Misr, the Egyptian unit of Dubai's Emaar Properties, has scaled back the price of its listing of 600 million shares on the Egyptian bourse to $353 million from a previous $367 million.

The Emaar listing is expected to be the largest flotation on the Cairo exchange since 2007. The Egyptian subsidiary has a portfolio of investments in Egypt worth around 53 billion Egyptian pounds ($6.95 billion), according to its website.

The subsidiary of Dubai's largest real estate developer said in an announcement in Egyptian newspapers on Monday the shares will be priced at a maximum of 4.49 Egyptian pounds each, meaning the offer is expected to raise 2.69 billion pounds ($353 million).

The company had previously aimed to price the shares at 4.70 Egyptian pounds.

But a source informed about the offer process told Reuters the final price would be less than 4.49 pounds per share "but that hasn't been decided until now".

A tranche of the offer for retail investors will comprise 90 million shares and a tranche for institutional investors will offer 510 million shares.