Palm Hills Developments S.A.E., a real estate developer in the Egyptian market, has now priced its previously announced stock offering. According to Bloomberg, Reuters News and other sources the company intends to raise $392 million from selling the shares and depositary receipts. Reports further state 63.4 million shares will go for prices above $3.55 to institutional investors, with the possibility of selling another 9.5 million shares as demand dictates. Total market value of this part of the offering could be more than $2 billion. In addition, 12.9 million shares will be offered to individuals at a 5 percent discount from the institutional price, according to Bloomberg News.The firm, which is 63 percent owned by the El Mansour and El Maghraby families, first announced its intentions in early April. At that time it also stated its intention to apply for admission of the shares to trading on the Cairo and Alexandria Stock Exchange and for the arrange permission for the GDRs to be traded on the London Stock Exchang. The offering is set to close in May 2008. The sale, which is set to close in May 2008, consists of an offering to institutions internationally and in Egypt. EFG Hermes and Goldman Sachs International have been appointed joint global coordinators and joint bookrunners. A separate retail offering will be conducted in Egypt. The firm plans to use the net proceeds received by it from the offering to fund existing and future development projects and to expand its land bank both in Egypt and abroad. The company develop primarily high-end residential real estate and resort projects. It began in 1997 through the operations of its sister company Al Ethadia. The market value of its properties as of March 1, 2008, was independently valued by CB Richard Ellis Inc. at $3.5 billion, prior to adjustments for tax, minority interests and land repayment obligations. In 2007, the firm generated revenues $96.7 million and net profits of $32.5 million. It is currently constructing or designing seven residential projects.