On the occasion of the 74th Republic Day, the service provider of millions of Indians in the UAE, reiterates its commitment to serve
Tecom Group, a member of the Dubai Holding group, on Thursday set the price range for its initial public offering (IPO) that showed it could raise up to Dh1.67 billion dirham ($454.7 million) in the listing.
The owner, manager and operator of 10 strategic, sector-focused business districts across Dubai and a major contributor to the rapid growth of Dubai’s knowledge and innovation-based economy, launched the subscription period for its IPO on the Dubai Financial Market (DFM) and will sell 625 million shares, or 12.5 per cent of issued share capital, at a price range of Dh2.46 ($0.66) and Dh2.67 dirham ($0.72) per share. The final offer price will be determined through a book-building process and is expected to be announced on June 27, 2022.
“The total offering size is expected to be between Dh1.5 billion ($419 million) and Dh1.7 billion ($454 million), implying a market capitalisation at a listing of between Dh12.3 billion ($3.4 billion) and Dh13.4 billion ($3.6 billion),” according to a Tecom Group statement.
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The operator of Dubai’s popular free zones such as Dubai Internet City and Dubai Media City said the UAE Strategic Investment Fund and Shamal Holding would be cornerstone investors in the IPO with a total commitment of Dh283.75 million ($ 77.25 million). It is offering an attractive dividend yield of between six per cent and 6.5 per cent, based on a dividend payout of Dh800 million, higher than water and electricity utility Dewa, which listed its shares in April.
“The IPO subscription period starts today and runs until June 23, 2022 for the UAE retail offering and June 24, 2022 for the qualified investor offering. Admission of the shares to trading on the DFM is expected on July 5, 2022,” the statement said.
Last year, Dubai announced the listing of 10 government and state-owned companies on the DFM to increase the total volume of its stock markets to Dh3 trillion. Dubai Electricity and Water Authority (Dewa) was the first government entity to list on the DFM, raising $6.1 billion in what was the biggest IPO in Europe and the Middle East in more than two years.
Dubai Holding Asset Management (DHAM) reserves the right to amend the size of the global offering.
— muzaffarrizvi@khaleejtimes.com
On the occasion of the 74th Republic Day, the service provider of millions of Indians in the UAE, reiterates its commitment to serve
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