Second tranche of Emaar Misr's initial public offer 36 times oversubscribed

Reuters , Thursday 25 Jun 2015

Emaar Misr
Emaar (Photo: Reuters)

The second tranche of Egyptian property company Emaar Misr's initial public offering was oversubscribed by about 36 times, traders said on Thursday.

The company offered 90 million shares last week in the second tranche of its IPO on the Cairo stock exchange. Traders said it drew subscriptions for 3.23 billion shares.

Emaar Misr is floating 12.99 percent of the company, amounting to 600 million shares. Of these, 510 million have been allocated to institutional investors. That tranche was 11 times oversubscribed, Dubai-listed Emaar said earlier this month. 

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