Emaar Properties to raise $1.3 bln in development unit's IPO

Emaar Development, a unit of Dubai property firm Emaar Properties, priced its initial public offer of shares below the mid-point of an indicative price range, valuing the deal at 4.82 billion dirhams ($1.31 billion) in Dubai's first major IPO in three years.

Emaar Development priced the IPO at 6.03 dirhams, according to a company statement on Thursday, against an indicative range of 5.7-6.9 dirhams per share set earlier this month.

Emaar Properties is selling a 20 percent stake or 800 million shares in its local development unit in the first major listing in Dubai since late 2014, when Emaar Malls raised about $1.6 billion.