TECOM Group intends to float on DFM

TECOM Group intends to float on DFM

UAE - Mubasher: TECOM Group, a member of the Dubai Holding Group, has announced its intention to proceed with an initial public offering (IPO) and list its ordinary shares on the Dubai Financial Market (DFM).

The company, a manager and operator of 10 strategic, sector-focused business districts across Dubai, seeks to float 625 million ordinary shares, representing 12.5% of its issued share capital, according to a press release on Thursday.

The subscription period of the qualified institutional offering and the exempt Offer is expected to be launched on 16-24 June 2022, while the subscription period of the UAE retail offer is expected to run from 16 to 23 June.

The CEO of Dubai Holding Group, Amit Kaushal, said: "As Dubai Holding’s primary commercial development and leasing business, TECOM Group has helped execute our key role in diversifying Dubai’s economy and driving innovation and business growth and development."

Meanwhile, the Chairman of TECOM Group, Malek Al Malek, commented: "With our intention to list on DFM we are expanding our contribution to Dubai’s financial market and bolstering our vision to further unlock the Emirate’s economic and business growth potential."