Dubai-based Emaar Properties is offering up to 30% of its United Arab Emirates real estate development business in an initial public offering, Reuters reports.

The decision to hive off the unit in a public share sale and a listing on the Dubai Financial Market (DFM) comes after an internal review of Emaar’s asset values, Emaar says in a statement published on the Dubai bourse website.

The company says that the IPO will be its largest since its float of Emaar Malls, which raised AED 5.8 bn (USD 1.58 bn) in 2014. Subject to market conditions, funds raised through the sale of equity would be distributed to shareholders of Emaar Properties, it says.

If successful, it will be the DFM’s first new listing in two and a half years. The last IPO on the DFM was by DXB Entertainments, which began trading in December 2014.