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New Delhi, Dec. 3 Real estate major Emaar MGF said that it is planning initial public offering (IPO) to raise $1.7 billion and is expecting regulatory clearance in January.

“We are leaving it at the good hands of the authority, but we are expecting the IPO to happen early January,” said Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, on the sidelines of the India Economic Summit. Mr Alabbar said Emaar MGF, a joint venture of Dubai-based property developer Emaar Properties PJSC and MGF Development, would be raising $1.7 billion by diluting 10 per cent of its stake. He said the company is looking beyond real estate to do business in the country.

“There is a huge opportunity in India beyond real estate such as education and hospitality. We will be looking at these opportunities,” he said.

He also refuted claims that most of the company’s land bank is agricultural land. “Wherever we are, we do not touch the agricultural land,” he added. Emaar MGF has filed the draft prospectus for the public issue with SEBI in late September. The global co-ordinators and book running lead manager to the issue are Enam Securities and DSP Merill Lynch.

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