The highly talked about initial public offering of TECOM Group is almost complete – with the shares debuting on the Dubai Financial Market on July 5.
The company, which is a member of the Dubai Holding group and the owner, manager, and operator of 10 business districts across the emirate, earlier said it raised over $462 million though its initial public offering.
It said both retail and institutional tranches of the IPO were oversubscribed, with total demand reaching up to over AED 35 billion. The final offer price was set at AED 2.67.
The IPO was first announced on June 9, with the company saying it will float 625 million shares – or 12.5 percent of its issued capital – on the Dubai bourse.
It comes as the region witnesses a spate of public offerings in recent months, especially on the stock markets of the UAE and Saudi Arabia – even outpacing European capital markets.
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