Emaar does a DLF, set to float Rs 13000 cr IPO

 Emaar MGF, the Delhi-based real estate major, is set to do a DLF. The company, a joint venture between Delhi-based MGF Developments and Dubai-based Emaar Properties, is planning to raise around Rs 13,000 crore from the capital market to fund its rapidly growing property development business in India.

 DLF recently filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer of Rs 13,500 crore.  This is the country's largest IPO till date. Sources close to the development said the Emaar MGF IPO is expected to hit the markets in the second half of 2007. 

CONCRETE NUMBERS
DLF*	Rs 13500cr	2007
ONGC**	Rs 10160cr	2005
Cairn India	Rs 5260cr	2006
RPL	Rs 2700cr	2006
TCS	Rs 4991cr	2004
* DRHP filed with SEBI ** Disinvestment by the government

 Emaar MGF has projects in over 30 cities in residential, commercial, infrastructure, hospitality sectors and special economic zones across India.  According to company estimates, it would require $4 billion to fund these projects, of which $1 billion was brought in through foreign direct investment (FDI) last year. The company is hoping to raise the rest of the capital through the IPO and private placement.  MGF Developments is a subsidiary of the Motor General Finance Group, which has five other companies in its fold.  The group has diversified into areas such as merchant banking, insurance, housing finance, stock brokerage, asset management, corporate advisory services, single-point fund management for corporate clients and extension of factoring to both consumer and industrial debts.  It has other JVs as well