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UAE’s TECOM Group garners AED 1.7B through IPO

UAE’s TECOM Group garners AED 1.7B through IPO

Arab Finance: TECOM Group, a subsidiary of the state-owned Dubai Holding Group, has announced that it raised AED 1.7 billion through its initial public offering (IPO) on the Dubai Financial Market (DFM), Reuters reported on June 27th.

The company’s stock was set at a final price of AED 2.67, while the listing is anticipated to take place on July 5th.

Both the institutional and retail tranches of the offering were oversubscribed by a great percentage, with a total demand of over AED 35 billion.

On June 9th, TECOM Group announced that it will list 625 million shares on the DFM in early July. The offered stake represents 12.5% of the company’s issued capital.

Founded in 2005 and headquartered in Dubai, TECOM is the owner, manager, and operator of 10 strategic business districts in Dubai.

 

 

 

 

 

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