Emaar MGF Land Ltd, a major real estate developer, on Tuesday announced that it would be entering the capital market with an initial public offering of 10.25 crore equity shares, equivalent to 10.4 per cent of its fully diluted post-issue equity share capital. The IPO with a price band fixed at Rs 610-690 per share, opens on February 1 and closes on February 6, 2008.

Sanjay Malhotra, COO of Emaar MGF, said, “Our strength comes from the land reserves of about 13,024 acres across India, of which we will be developing about 566 mn sq ft of area in the next 8-9 years. Of this around 455 million sq ft would be residential development, 89 mn sq ft of commercial properties, 18 million sq ft of retail properties and the rest in hospitality projects.”

The company has most of its projects in NCR and will focus on South too. “We have around 184 acre in Bangalore, 153 acre in Mysore and 75 acre in Mangalore. We want to acquire more land in this region,” said Shrikant Joshi, CEO (South), Emaar MGF.

In the hospitality sector, Emaar MGF has tied-up with Accor, Premier Inn to develop budget and mid-market hotels respectively. The company plans to construct 100 hotels for Accor alone in the next 8-10 years. Emaar MGF, is a JV between Emaar properties PJSC of Dubai and MGF Development Ltd.