Emaar's malls unit IPO to raise US$1.58b

[DUBAI] Investors will have a chance this month to own part of a dancing fountain, an underwater zoo and an ice-skating rink in Dubai.

Emaar Properties, owner of the world's biggest shopping centre, said on Sunday that it's seeking to raise as much as US$1.58 billion from the initial public offering of its malls unit in the United Arab Emirates' biggest IPO since 2007.

Emaar Malls Group plans to sell two billion of its founders' shares, or about 15 per cent of its equity, in a price range of 2.5 dirhams to 2.9 dirhams apiece, according to a company statement to the Dubai Financial Market. The final price will be determined through a book-building process and will probably be set on Sept 29, Emaar said.