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The Emaar Properties banners adorning the facade of the Cairo Stock Exchange radiated confidence as shares started trading in Egypt's biggest initial public offering since the 2011 Arab Spring. Three weeks and a 7-percent decline later, investors are lining up to get out.Egypt needed the IPO of Emaar Properties PJSC's local unit to be a winner to rebuild investor confidence in its property market after mega-projects feted by President Abdel-Fattah al-Sisi stalled. As of Tuesday, investors had offered to sell about 84 million shares back to Emaar Misr at the IPO price, according to EFG-Hermes Holding SAE. The firm has agreed to repurchase up to 90 million, or 15 percent of the IPO. Dubai-based Emaar has been active in Egypt since 2006 and owns 87 percent of Emaar Misr.Its market value of 16.3 billion pounds makes it the second- biggest publicly traded property developer in Egypt after Talaat Moustafa Group Holding.The shares will probably struggle to return to their IPO price soon, Beltone's Hegab said.
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