Dubai could sell 20 to 30 percent of Emirates Airlines in an initial public offering (IPO) in January. The shares would list on the Dubai International Financial Exchange.

This is according to the United Arab Emirates-based al-Ittihad newspaper on Wednesday. The newspaper is one of the three biggest in the United Arab Emirates.

Dubai’s DP World, whose IPO closed on Monday, was probably about eight times subscribed, the newspaper reported, without saying where it got the information.

Emirates, the largest Arab carrier, said last week it intends to sell as much as 30 percent of the company in an IPO to help finance more than $60 billion of aircraft purchases.

“We have not begun any steps so far, but the intention is there,” Emirates Chairman Ahmed bin Saeed al-Maktoum told Al Arabiya television at the time, when asked about IPO plans.

“We are talking about 20-30 percent,” he said, without indicating when shares might be sold. The stock would list in Dubai, he said, without being more specific.
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