A logo of Dubai's Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. REUTERS/Ahmed Jadallah
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Emaar Properties PJSC's $1.5 billion initial public offering of its United Arab Emirates development business received bids for the entire amount within half a day of the issue's opening. The developer of the world's tallest skyscraper is offering 800 million shares in Emaar Development PJSC at a price range of between 5.7 dirhams ($1.55) and 6.9 dirhams per share, the Dubai-based company said in a statement to the bourse Thursday.Emaar, Emaar Malls and the company's units in Saudi Arabia and Egypt are already listed.Emaar said Oct. 22 the unit had a net asset value at 24.1 billion dirhams at the end of September, or 6.025 dirhams a share.Emaar is selling 20 percent in the unit, which expects to pay at least $1.7 billion in dividends over the next three years in about equal installments.
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