Emaar picks JPM to join Morgan Stanley for IPO: report
JPMorgan Chase & Co. (JPM) will probably join Morgan Stanley as global coordinator on the initial public offering of Emaar Properties’ shopping malls and retail business, Bloomberg has reported, citing three people with knowledge of the matter. The banks were informally hired, though no documents have yet been signed, said the people. Emaar is also appointing lead managers for the sale, the people said. An official at Emaar who didn’t want to be identified said no advisers have been appointed. The developer hired Morgan Stanley to advise on what will be the largest share sale in the Middle East and Africa since 2008. The company plans to raise Dhs8bn ($2.2bn) to Dhs9bn from the sale, as a tourism boom adds to retail sales in Dubai.