Dubai to sell 12.5 pct stake in business park operator Tecom amid IPO push

Dubai to sell 12.5 pct stake in business park operator Tecom amid IPO push

Dubai plans to sell a 12.5 percent stake in business park operator Tecom Group in an initial public offering, the second offering by the government this year to boost trading volumes and increase liquidity on the exchange.

State-owned Dubai Holding will sell 625 million shares in Tecom, according to a statement. The government is aiming to raise at least $500 million from the listing, according to people familiar with the matter.

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The price range will be announced on June 16, the same day when the IPO starts. UAE retail offering starts from June 16 to June 23 and qualified institutional offering from June 16 to June 24

The selling shareholder reserves the right to amend the offering and size.

Expected date of listing on Dubai stock exchange is July 5.

Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs, Morgan Stanley and UBS are the joint global coordinators and joint bookrunners

Tecom’s float comes at a time when the Middle East is enjoying an unprecedented listings boom fueled by high oil prices, equity inflows and a drive by regional governments to list state-owned assets. IPOs in the region have raised $13.4 billion in