Shearman & Sterling has represented Emaar Misr for Development S.A.E. (“Emaar Misr”) on its EGP2.28 billion (approximately $300 million) initial public offering and listing of shares on the Egyptian Stock Exchange. This represents the largest initial public offering on the Egyptian Stock Exchange since 2008.
EFG Hermes Promoting and Underwriting and J.P. Morgan Securities plc acted as joint global coordinators and joint bookrunners and Emirates Financial Services PSC acted as lead manager for the offering.
The IPO consisted of 600 million shares offered by Emaar Misr in a public offering in Egypt and a private placement to institutional investors in various jurisdictions, including to qualified institutional buyers in the United States.
Emaar Misr is an Egyptian subsidiary of Emaar Properties PJSC, a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. Emaar Misr is a leading real estate developer in Egypt focusing on the development of premium quality master planned lifestyle communities that are anchored by landmark developments. Emaar Misr has a 15.4 million square meter land bank distributed among four plots of land in prime locations in East, West and Central Cairo as well as the North Coast.
The Shearman & Sterling IPO team was led by partner Marwan Elaraby (Abu Dhabi-Capital Markets) and included associates Pawel Szaja (London-Capital Markets), Amine Assouad (London-M&A) and Saif Alaqili (London-Capital Markets). Partner James Duncan and associate David Shennan (both London-Finance) advised on English law matters. Partner Kristen Garry and associate Michael Daly (both Washington, DC-Tax) advised on US tax, and counsel Simon Letherman and associate Gabriel Ng (both London-Tax) advised on UK tax matters. Partner Nathan Greene and associate Catherine Sum (both New York-Investment Funds) advised on 1940 Act matters. The team was also assisted by partner David Dixter and associate Yaw Asare (both London-Capital Markets).