TECOM Group has completed its initial public offering on the Dubai bourse, raising $462.8 million (AED 1.7 billion), with the final offer price set at AED 2.67 per share.
The Dubai Financial Market (DFM) listing drew significant demand reaching AED 35.4 billion, and an oversubscription level of over 21 times in aggregate final price, the Dubai Holding member said in a release.
Its UAE retail offering tranche reached an oversubscription level of almost 40 times in aggregate at the final price, making it the “highest oversubscription multiple ever for IPOs on the DFM,” Malek Al Malek (below), chairman of TECOM Group, said.
“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,” Al Malek added.
The demand, he added, was also reflective of investors’ “strong appetite” towards Dubai’s capital markets and overall economy.
TECOM Group earlier announced it was listing 625 million ordinary shares through an IPO, representing 12.5 percent of its issued share capital. The shares will be live on DFM “on or around July 5.”
Upon listing, the company is expected to have an implied market capitalisation of AED 13.4 billion.
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