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Emaar MGF to Lead $4 Billion of Property IPOs

2010-04-11

(Bloomberg) -- Emaar MGF Land Ltd. revived plans to sell shares in India for the first time, leading 182 billion rupees ($4 billion) of property offers at a time rising interest rates are deterring homebuyers. Emaar MGF, the Indian joint venture of the United Arab Emirates’ biggest developer, intends to sell stock in the next three months, Shravan Gupta, executive vice chairman said yesterday. The New Delhi-based developer secured approval to sell as much as 38.5 billion rupees of shares, two years after scrapping a planned 64.64 billion rupee offer as stock markets slumped. The sale will compete with Lodha Developers Ltd., Sahara Prime City Ltd. and Nitesh Estates Ltd., which are attempting the second-highest fund raising by property companies. The Bombay Stock Exchange Realty Index has fallen for the past two quarters, while the benchmark Sensex just completed its longest stretch of quarterly gains since the third quarter of 1994. “Investors are negative on property stocks as reflected in the decline of the BSE Realty Index this year,” said Anubhav Gupta, an analyst with Kim Eng Securities India Pvt. in Mumbai. Emaar MGF “may not be able to earn in the next two to three years what they got in 2008 as both the volume and prices are much lower.”


 

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