Emaar Properties is preparing to offer a 20% stake in its real estate arm, Emaar Development, it said on Sunday as a clarification to earlier reports that it would sell a larger share.

The UAE-based developer announced on Sunday that it had approved up to 30% shares to be raised in an Initial Public Offering expected to take place in next month. 

READ: Emaar Properties approves IPO of real estate arm

According to a later Dubai bourse filing, the company said that it “would like to clarify that approval of the shareholders of Emaar Properties have been obtained to offer up to 30%” but that Emaar will only offer and sell 20% of the shares.

Earlier reports said the IPO is scheduled to take place in early-November, according to Mohamed Alabbar, Emaar's chairman.

This will be the first major listing on the Dubai Financial Market in three years since Emaar Malls became publicly listed in 2014.