Emaar Misr to list on Egypt bourse July 5

Egypt’s Emaar Misr for Development (Emaar Misr) expects to start trading its ordinary shares on the Egyptian Stock Exchange on or around July 5 after it receives approval from the exchange, the company said in a statement.

The listing is expected to be the largest floatation on the Egyptian stock exchange since 2007.

Emaar Misr, the Egyptian arm of Dubai’s Emaar Properties, sold 12.99 percent of the company, or 600 million shares, in an initial public offering last week. The 510 million shares allocated to institutional investors were 11 times oversubscribed.

The IPO of the remaining 90 million shares was 36 times oversubscribed, with around EGP 2.28 billion raised.

The high interest in the IPO is seen as a sign or resurgence of demand for investment in the Egyptian market after years of turmoil following the 2011 uprising.