Egypt's Emaar Misr has priced its initial public offering at E£3.8 ($0.4980) per share, parent firm Emaar Properties said on Thursday.

Based on this offer price, Emaar Misr’s market capitalisation at listing will be approximately E£17.6 billion ($2.3 billion).

Emaar said earlier this month the offer would be priced at between E£3.5 and E£4.25 per share.

Emaar Misr is floating 12.99 per cent of the company, amounting to 600 million shares. Of these, 510 million have been allocated to institutional investors. This tranche was 11 times oversubscribed, Dubai-listed Emaar said in a statement to Dubai Financial Market.

The remaining 90 million shares will be offered to other investors until June 25 and Emaar Misr is likely to list on the Cairo bourse around July 2.

Some of the sale proceeds will help fund Emaar Misr's developments in Egypt and buy land.

Emaar Misr appointed EFG Hermes and JP Morgan as the joint global coordinators and joint bookrunners for the offer.-Reuters