The cyber-thriller is available for streaming on Netflix
Tecom Group, a subsidiary of Dubai Holding, on Monday said it raised Dh1.7 billion from its initial public offering (IPO), which was oversubscribed 21 times to reach Dh35 billion.
The company, which offered 625 million shares for sale as part of its global offering, set a final share price at the top of the range at Dh2.67, valuing it at Dh13.4 billion. Dubai Holding Asset Management (DHAM) will continue to own a majority 86.5 per cent stake in the company.
The company plans to list on the Dubai Financial Market (DFM) on or around July 5, 2022, under the symbol “Tecom”. Investors participating in the UAE retail offering will be notified of their allocation of shares via SMS on June 29, 2022.
Tecom Group owns and operates ten business districts, home to over 7,800 companies.
Dubai last year announced that it would float 10 public sector entities on the local bourse to improve liquidity and increase its market cap to Dh3 trillion. The Dubai Electricity and Water Authority was the first company to go public, raising Dh22.4 billion.
The emirate had also set up a Dh2 billion market maker fund to encourage other first to list on the local bourse.
Tecom’s offering drew substantial demand from both institutional and retail investors. The UAE retail offer was oversubscribed almost 40 times in aggregate, making it the highest oversubscription multiple ever for IPOs on the DFM.
ALSO READ:
The UAE Investment Fund and Shamal Holding were cornerstone investors in the Telcom IPO, making a total commitment of Dh283.7 million.
“The tremendous demand we drew both locally and internationally for the Tecom Group IPO, especially amid challenging market conditions, is testament to the company’s appealing value proposition and growth prospects. Investors’ strong appetite is underpinned by their optimism toward Dubai’s economy and confidence in the Emirate’s capital markets,” said Malek Al Malek, chairman of Tecom Group.
The cyber-thriller is available for streaming on Netflix
'Music is a more honest place for me where I feel like I can say things that I wouldn't say,' admits the star
Last month, she was banned from being a charity trustee for five years
The authority also seized ready-to-use marijuana that was being stored with the intention of selling in the country
Make-up artist says Brooks raped her in a hotel room in Los Angeles in 2019
Educators in early childhood centres, schools, and higher education institutions may be eligible based on certain criteria
Besides wanting to 'settle scores' with racists targeting her community, Horvath raps in Romani to keep the language alive
Typhoon Gaemi floods killed 48 in the country in late July; Citizen science could hold key to disaster mitigation