Indian IPO

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Tuesday, January 16, 2007

Emaar, MGF JV to raise 2.9 bn dollar IPO

A joint venture of Dubai's Emaar Properties and India's MGF Developments plans to raise about Rs 130 billion (USD 2.93 billion) in an initial public offering, IPO in India, the Business Standard said.

The IPO, which could be India's biggest to date, is expected to hit the market in the second half of 2007, the paper said, citing sources close to the development. Emaar MGF Land has said it may sell 5-10% of its equity in an IPO this year.

It has a land bank of more than 5,000 acres and is developing townships, malls, apartments and infrastructure projects. It also has a joint venture with French hotel firm Accor to develop 100 hotels in India with an investment of USD 300 million.

Emaar MGF will go toe-to-toe with rival DLF, which filed an IPO prospectus earlier this month after pulling a planned issue last year. A banker told Reuters that DLF could raise more than USD 2 billion from a sale of 10.2% of its equity.

Land and property prices in India have risen sharply in the last two years as demand has soared in a fast-growing economy.

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