| View previous topic :: View next topic |
| Author |
Message |
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
Posted on Sun 14 Jan 2007 18:45 by sharewadi
|
 |
|
Emaar Properties (EMAAR) plans a joint venture with India's MGF to launch an 11 bn dhs IPO. See also last year's big Emaar related IPO in Saudi Arabia - the Emaar Economic City IPO.
| Reuters 14 Jan 2007 wrote: |
MUMBAI - A joint venture of Dubai's Emaar Properties and India's MGF Developments Ltd. plans to raise about 130 billion rupees ($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 Ltd. has said it may sell 5-10 percent 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 $300 million.
Emaar MGF will go toe-to-toe with rival DLF Ltd., 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 $2 billion from a sale of 10.2 percent 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. |
_________________
UAE IPO list | posting guidelines |
|
|
| Back to top |
|
 |
sharepunter
horse trader
Joined: 25 Aug 2005
Posts: 231
Location: Somewhere in the Gulf
|
|
Posted on Mon 15 Jan 2007 00:02 by sharepunter
|
|
|
If this report is accurate it represents a stunning endorsement of the Emaar model developed in Dubai and transplanted to india.
Having established a substantial land bank in India Emaar will use the IPO proceeds and pre sales to develop the projects.
This should mean that Emaar will not have to put any more funds into its Indian partnership. |
|
|
| Back to top |
|
|
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
Posted on Mon 15 Jan 2007 16:38 by sharewadi
|
|
|
| sharepunter wrote: |
| If this report is accurate |
"If" indeed. Emaar sent a letter to the ESCA today, it's also on the DFM site. They didn't actually deny the report as far as I could tell...
| Emaar 15 Jan 2007 wrote: |
Dear Mrs Al Suwaidi,
Re: EmaarMGF
Numerous press queries from the media in Dubai have been brought to our attention as a result of press speculation in India, specifically a report by The Business Standard dated Sunday, January 14, 2007, regarding the anticipated IPO by our Indian joint-venture company, Emaar-MGF. We would like to inform the Emirates Security & Commodities Authority that we have issued the following official statement to the press in Dubai to clarify the matter.
Emaar Official Statement
"India is a key market for Emaar, and we already have a significant presence in the country through Emaar MGF, our joint venture partnership with MGF Land Development.
"Emaar will evaluate all options that further strengthen its presence in India. In line with its growth strategy with other joint venture partners in various other countries, Emaar will also consider IPOs at the appropriate time."
Yours sincerely,
Mohamed Alabbar |
_________________
UAE IPO list | posting guidelines |
|
|
| Back to top |
|
|
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
Posted on Tue 13 Mar 2007 12:29 by sharewadi
|
|
|
Looks like Al Abbar considered all the options as he said in January 2007 and an IPO is on the cards by end of 2007. Information reported from AGM on Sunday 11 Mar 2007...
| Gulf News 13 May 2007 wrote: |
Joint venture for projects in India planned
The company told shareholders it is planning to set its Indian joint venture, Emaar-MGF, on course for an IPO by the end of the year - part of its goal to take at least one business public every year.
Speaking at the company's AGM, Al Abbar said India's growing realty sector, which he said will hit $90 billion by 2015, will see a substantial portion of the Dh10.6 billion Emaar will invest into new projects this year.
"The collective market of non-resident and resident Indians can unleash vast demand for quality investment opportunities and the potential for driving up market capitalisation of Emaar-MGF, which may well exceed Emaar PJSC (the parent company)," he told shareholders.
Other markets on Emaar's hit list include Canada, France and Lebanon, while established markets such as Saudi Arabia, Morocco, Libya, Syria, India, Pakistan and the US are set for added investments. |
_________________
UAE IPO list | posting guidelines |
|
|
| Back to top |
|
|
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
Posted on Wed 14 Mar 2007 12:00 by sharewadi
|
|
|
Saw this comment today - as part of some commentary about investor reaction to Emaar AGM and dividend announcement.
| Gulf News 14 Mar 2007 wrote: |
| "Emaar's stake in the Indian project is 39.7 per cent, the new entity which will be listed in India soon will generate further value, as the market's price will surely exceed the nominal price," Abdul Rahman added. |
_________________
UAE IPO list | posting guidelines |
|
|
| Back to top |
|
|
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
Posted on Thu 19 Jul 2007 07:34 by sharewadi
|
|
|
Anybody surprised at the delay in the Emaar-MGF IPO? From an article about a 17 July 2007 research report for Emaar from EFG-Hermes.
| Khaleej Times 19 July 2007 wrote: |
| And in India, the investment bank states that "no dates have been finalised for the IPO of Emaar-MGF but management indicated that a listing as late as 1Q2008 was possible." |
_________________
UAE IPO list | posting guidelines |
|
|
| Back to top |
|
|
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
Posted on Wed 05 Sep 2007 10:57 by sharewadi
|
|
|
The CFO could not be reached for comment? No comment usually means a comment of some sort, right  ?
| Bloomberg 04 Sep 2007 wrote: |
Emaar Hires Arrangers for IPO in India, Bankers Say
By M.C. Govardhana Rangan
Emaar Properties PJSC (EMAAR), the Middle East's biggest real estate developer by market value, hired Citigroup Inc., Enam Financial Consultants and Merrill Lynch & Co. to sell shares in India, three bankers with direct knowledge of the transaction said.
JPMorgan Chase & Co. and Kotak Mahindra Capital Co. will also help arrange the sale of shares in the Dubai-based developer's Indian unit, Emaar MGF Ltd., the bankers said, requesting anonymity before an official announcement.
Emaar said in January it plans to raise funds in India, where the fastest wage growth in Asia Pacific has driven a doubling in property prices in two years. JPMorgan last month said Indian developers may sell as much as $10 billion of shares in the next 18 months as the world's second-fastest pace of economic growth boosts demand for offices and homes.
"If one takes a three-year view, the growth opportunity is bright,'' said Murali Krishnan, head of research at brokerage MF Global Ltd. in Mumbai. "Income levels are rising, which would create demand.''
Amit Jain, Chief Financial Officer at Emaar, didn't return calls seeking comment. Officials at the investment banks in Mumbai declined to comment.
Diversifying Income
Emaar is building homes, shopping malls, schools and hospitals from Morocco to the U.S. as it diversifies its sources of income outside Dubai. The developer expects a quarter of its revenue to come from India by 2010, Emirates Today reported in June. Emaar plans to invest $12 billion in India over the next five years, the Dubai-based newspaper reported, citing Susil Dungarwal, head of retail at Emaar MGF.
Emaar follows DLF Ltd., controlled by billionaire Kushal Pal Singh, in tapping investor demand for real estate stocks.
DLF has gained 19 percent since the New Delhi-based developer raised $2.3 billion in June in the nation's biggest initial share sale.
The average price of a residential apartment in south Mumbai, India's commercial capital, more than doubled in the past two years to 22,000 rupees ($537) a square foot, according to Cushman & Wakefield. Office prices in the southern business district also doubled to a 10-year high. |
_________________
UAE IPO list | posting guidelines |
|
|
| Back to top |
|
|
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
Posted on Thu 27 Sep 2007 14:46 by sharewadi
|
|
|
The full prospectus is available from the SEBI website (PDF file, 749 pages!!! No wonder my computer choked when trying to open it!).
The Emaar MGF Initial Public Offering (IPO) is moving ahead, so it may yet happen before the end of 2007?
Emaar Properties (EMAAR) owns 40% of the Indian JV (and MGF own the other 60%).
There are reports saying that the Emaar MGF IPO may raise up to $1.5 billion (AED 5.5 billion) from selling just 10% of the shares in the JV. If the IPO is completed this year, that could provide a boost to Emaar's accounts, 40% of AED 5.5 billion is AED 2.2 billion but how much of that will appear in Emaar's statements? Emaar have been earning about AED 1.5-1.7 billion per quarter in 2007.
The Bombay Stock Exchange in India is booming with the local index, the Sensex, crossing a record 17,000 points yesterday. And that was just a week after it crossed 16,000 points.
The Dubai stock market was unexcited by this news, Emaar shares closed flat today on very low volumes  .
Apparently the filing is called a "Draft Red Herring Prospectus". A what ??
| Daily News & Analysis 27 Sep 2007 wrote: |
| The joint venture of Dubai-based Emaar Properties PJSC and MGF Development Ltd of India, Emaar MGF Land Ltd, has filed its Draft Red Herring Prospectus (DRHP) with regulator Securities and Exchange Board of India (Sebi), the company said in a press statement on Wednesday. |
| Reuters 26 Sep 2007 wrote: |
Emaar MGF files initial papers for Indian IPO
MUMBAI - Real estate firm Emaar MGF Land plans to sell a 10 per cent stake through an initial public offering in India, which banking sources say may raise about $1.5 billion to make it one of India's biggest listings.
The company is 40% owned by Dubai's Emaar Properties (EMAAR) and Indian real estate developer MGF Development holds close to 60%.
Emaar MGF said that it had filed a prospectus with the Indian regulator and would offer up to 117.4 million shares in the sale, including a pre-IPO placement at a price to be determined through a book-building issue.
India's market regulator takes at least a month to approve the issue, and the company was then expected to offer shares in the following three months, bankers said.
Sources close to the development said the company may raise about $1.5 billion depending on the market conditions.
"The pricing of the issue will depend on the market condition. If the market rises to 18,000 or 19,000, it is a different story altogether," a banking source said.
In July, real estate firm DLF listed after raising $2.25 billion in India's biggest IPO. Shares in DLF, India's biggest real estate developer, rose nearly nine percent on their debut, and have gained nearly 30pc since then.
Home prices in India have dropped as much as 20% this year because of rising interest rates and a correction after prices had more than doubled in a few years. |
_________________
UAE IPO list | posting guidelines |
|
|
| Back to top |
|
|
WRONG_MOVE
opportunist
Joined: 06 Dec 2007
Posts: 42
|
|
Posted on Thu 17 Jan 2008 17:20 by WRONG_MOVE
|
|
|
SW,
This is the update as of now. Copy pasted below-
I guess it will hit market by Jan end because they have started promotions from last 1or2 weeks. General trend is, 15-20 days prior to IPO promos starts and I can see Emmar-MGF Ads in all Indian TV channels.
| Asian CERC 04 December 2007: |
Corporate News Details : 04/12/2007 ; Emaar MGF plans IPO
Real estate firm Emaar MGF will be listed in the Indian bourses by unveiling an initial public offering (IPO) to raise $1.7 billion by early next month, said the company's chairman. They are expecting the IPO to happen early January. They are planning to raise about $1.7 billion for its expansion in India. Emaar MGF has filed the draft prospectus for the IPO with market regulator Securities and Exchange Board of India (SEBI) in September. The global co-ordinators and book running lead manager to the issue are Enam Securities and DSP Merill Lynch. Emaar MGF is a joint venture between the Emaar group of the United Arab Emirates (UAE) and leading Indian real estate developer MGF.
Content Provided by Asian CERC
Copyright (c) 2005,all right reserved. Kotak Securities Limited. |
|
|
|
| Back to top |
|
|
investor
speculator
Joined: 07 Nov 2006
Posts: 294
Location: Dubai
|
|
Posted on Thu 17 Jan 2008 21:05 by investor
|
|
|
| WRONG_MOVE wrote: |
| I guess it will hit market by Jan end because they have started promotions from last 1or2 weeks. |
Reliance Power NFO ends 30 Jan 08 (as per Berjeel) so presumably EMAAR MGF would start a week after or so. I heard sometime in Feb.
PS: The BSE has fallen quite a bit with these big IPO's the secondary market would become very attractive. DAMN I need to get my PAN number
Cheers |
|
|
| Back to top |
|
|
WRONG_MOVE
opportunist
Joined: 06 Dec 2007
Posts: 42
|
|
Posted on Thu 17 Jan 2008 23:18 by WRONG_MOVE
|
|
|
| investor wrote: |
| Reliance Power NFO ends 30 Jan 08 (as per Berjeel) so presumably EMAAR MGF would start a week after or so. I heard sometime in Feb. |
If U mean Reliance power IPO, it's last date is 18th Jan, valueing around $3Bn, not 30th.
while NFO of Reliance mutual fund is open till 30th Jan which is one of regular scheme and there they are on weekly basis from many AMCs.
| investor wrote: |
| PS: The BSE has fallen quite a bit with these big IPO's the secondary market would become very attractive. DAMN I need to get my PAN number |
...again I guess thats not the reason as Reliance Power is only 24 times suscribed on day 3 of 4 while Future group IPO which ended 16th Jan was subsribed 134 times......!! and there are many such IPOs in recent past n pipeline too...so I dont think recent drag was cozed by IPOs . rather it was expected for quite some time.
Afterall unless borses go down how one will make Money..!!!  |
|
|
| Back to top |
|
|
bob
opportunist
Joined: 24 Oct 2007
Posts: 28
|
|
Posted on Fri 18 Jan 2008 20:42 by bob
|
|
|
I just learned that Emaar MGF IPO is expected to be offered in the price range of +/- AED 60 price range.
Could someone kindly help me figure out how a subsidiary company in the same business field (in fact a tie-up with a small-time Indian developer) gets priced at 4 times the market price of the well-established world leading parent company.
Secondly, what will be the impact, if any, of 'free' public money generated in India (Emaar MGF IPO will collect $1.80 billion) on Emaar's (the parent company's) revenues, and subsequently expected profits in 2008.
Any feedback will be appreciated (as always!). |
|
|
| Back to top |
|
|
investor
speculator
Joined: 07 Nov 2006
Posts: 294
Location: Dubai
|
|
Posted on Fri 18 Jan 2008 22:18 by investor
|
|
|
| WRONG_MOVE wrote: |
| while NFO of Reliance mutual fund is open till 30th Jan which is one of regular scheme and there they are on weekly basis from many AMCs. |
These Barjeel guys got me all confused. Their ad in the paper was for the NFO i.e their Mutual Fund. Yes your right the IPO has ended. The NFO ends on the 30th of Jan 08.
Thanks for the clarification Wrong_Move. |
|
|
| Back to top |
|
|
WRONG_MOVE
opportunist
Joined: 06 Dec 2007
Posts: 42
|
|
Posted on Fri 18 Jan 2008 23:04 by WRONG_MOVE
|
|
|
| bob wrote: |
| Could someone kindly help me figure out how a subsidiary company in the same business field (in fact a tie-up with a small-time Indian developer) gets priced at 4 times the market price of the well-established world leading parent company. |
Share price depends on-market value of business(here indian JV), number of shares company is derived into and premium over and above Face value based on various factors.
| bob wrote: |
Secondly, what will be the impact, if any, of 'free' public money generated in India (Emaar MGF IPO will collect $1.80 billion) on Emaar's (the parent company's) revenues, and subsequently expected profits in 2008.
Any feedback will be appreciated (as always!). |
..Simple.. profit/ loss of their JV business has to be incorporated in parental company ultimately as per their share. I understand it's 40:60 JV between Emmar: MGF. As far money generated thru this IPO, it has to be used for Projects there only. I dont think they can take it to other markets after-all they have to show good returns to investors.
Hope it serves the need.
Regds |
|
|
| Back to top |
|
|
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
Posted on Sat 19 Jan 2008 10:14 by sharewadi
|
|
|
| bob wrote: |
| Could someone kindly help me figure out how a subsidiary company in the same business field (in fact a tie-up with a small-time Indian developer) gets priced at 4 times the market price of the well-established world leading parent company. |
Short answer is it's not  .
That may not make sense when you're comparing a share of 60 dhs to a share of 14 dhs. But to paraphrase a certain Mr Orwell: not all shares are created equal, some shares are more equal than others ....
Meaning the size of the share does matter. That's why we use ratios like PE, PBV, ROE, ROA, etc - to give us a basis for comparison.
Think about buying apples and grapes at the vegetable shop. Is one apple for 1 dh, four times the price of one grape for 25 fils? Whatever your answer is, it doesn't help you to decide if you're getting a good deal or not - which is what I presume you want to know ...
_________________
UAE IPO list | posting guidelines |
|
|
| Back to top |
|
|
Swing Trader
profiteer
Joined: 13 Dec 2007
Posts: 79
|
Posted on Mon 04 Feb 2008 11:16 by Swing Trader
|
|
|
EmaarMGF IPO, the price band is Rs.540-630. As of now, number of times issue is subscribed is 0.23
Does that mean issue is undersubscribed as of now? Further, from the graph, it seems the maximum number of subscription are at the lowest band, i.e., at 540. So how the cut-off price would be determined and the subscribers who applied at the maximum price, i.e., Rs. 630/-; would they be getting the number of shares applied at cut-off price or shares for the total amount subscribed at cut-off price?
From the graph, what would be the advisable price to subscribe to this IPO? |
|
|
| Back to top |
|
|
laser
profiteer
Joined: 29 Nov 2007
Posts: 55
|
|
Posted on Mon 04 Feb 2008 20:36 by laser
|
|
|
Following is the response so far
Date Retail QIB Non Ins. Total
01 Feb 0.0028 0.2665 0.0001 0.16
04 Feb 0.0161 0.3870 0.0011 0.24
6th is the last day were they will have more applications. I think considerably there is a some positive feeling about this IPO in some of the indian greymarket sites and blogs. |
|
|
| Back to top |
|
|
Swing Trader
profiteer
Joined: 13 Dec 2007
Posts: 79
|
Posted on Wed 06 Feb 2008 18:00 by Swing Trader
|
|
|
No. of times issue is subscribed 0.75
IPO extends by 5 days to Feb 11 |
|
|
| Back to top |
|
|
laser
profiteer
Joined: 29 Nov 2007
Posts: 55
|
|
Posted on Fri 08 Feb 2008 17:15 by laser
|
|
|
| Emaar MGF withdraws IPO |
|
|
| Back to top |
|
|
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
| Back to top |
|
|
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
| Back to top |
|
|
sharewadi
moderator
Joined: 19 Aug 2005
Posts: 13383
Location: up the wadi without a paddle
|
|
| Back to top |
|
|
|
2008 FY
FAQ
Search
Print-friendly
Profile
Private messages
Register
Log in
