Emaar Development, a unit of Dubai-listed Emaar Properties, on Thursday said it has set the price range for its initial public offering (IPO).

 

The price range has been set at between AED 5.7 and AED 6.9 per share, Emaar Development said in a statement to Dubai Financial Market (DFM).

 

The final offer price will be determined following a book-building process, it added.

 

Emaar Properties plans to sell a 20 percent stake in the real estate development business, and is offering 800 million shares in the unit.

 

The listing on DFM is expected to be on Nov. 22, the statement said.

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