.
.
.
.

Dubai’s $455 million TECOM IPO heavily oversubscribed: Report

Published: Updated:

TECOM Group’s initial public offering (IPO) is heavily oversubscribed at the top of its share price range, suggesting the Dubai business park operator could raise 1.67 billion dirhams ($455 million), a document seen by Reuters showed.

TECOM Group, which is owned the investment vehicle of Dubai’s ruler, is selling 625 million shares or a 12.5 percent stake, in an IPO priced at 2.46 to 2.67 dirham per share.

For all the latest headlines follow our Google News channel online or via the app.

The selling shareholder is Dubai Holding Asset Management.

Any orders below 2.67 dirham per share risk missing subscription, the document from one of the bookrunners said.

The Dubai government announced an initiative last November to list 10 state-linked companies.

In April, listed power utility DEWA in a $6.1 billion deal that was the region’s largest since Saudi Aramco’s record IPO of $29.4 billion.

Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, Morgan Stanley and UBS AG are joint global coordinators and joint bookrunners for TECOM.

Read more:

Bahrain wealth fund expects IPO for British car maker McLaren in few years

Aramco and Cognite join forces to launch new data venture in Saudi Arabia

Dubai establishes toll provider Salik as public joint stock company, IPO forecasted