Dubai: Tecom Group to offer 12.5% stake in IPO

Dubai: Tecom Group to offer 12.5% stake in IPO

Business park operator to list shares on DFM on July 5, institutional and retail investors can buy shares from June 16

Malek Al Malek, Chairman Tecom Group

Published: Thu 9 Jun 2022, 9:30 AM

Dubai on Thursday announced plans to sell a 12.5 per cent stake in Tecom Group through initial public offering and list the company on the Dubai Financial Market (DFM) by July 5.

It will be the second offering by the government this year to boost trading volumes and increase liquidity on the exchange after the Dubai Electricity and Water Authority (Dewa) listing in April.

Dubai Holding will sell 625 million shares to qualified institutional investors and UAE retail customers. The government is aiming to raise at least $500 million from the listing, Bloomberg quoted people familiar with the matter.

"The qualified institutional offering and the exempt offer subscription period is expected to run from June 16, 2022 to June 24, 2022 while the UAE retail offer subscription period is expected to run from June 16 to June 23, 2022. Admission of shares to trading on the DFM is anticipated on July 5, 2022," according to the statement issued on Thursday.

The price range will be announced on June 16, the same day when