The market capital of the Dubai Financial Market (DFM) exceeded the barrier of 535 billion dirhams ($145.6 billion), after today’s listing of the shares of the TECOM group.
The offering witnessed great success and strong demand, with the registration of subscriptions by individuals in the country covering 40 times, which is the highest coverage ratio in the history of public offerings in the DFM.
According to the monitoring of the Emirates News Agency (WAM), the market value of the shares listed on the DFM reached 521.9 billion dirhams at the end of yesterday’s session, while the market value of TECOM with the listing amounted to about 13.4 billion dirhams, bringing the market capitalization to 535.3 billion dirhams.
TECOM shares were active during the first minutes of trading on the DFM, attracting more than 90 million dirhams after trading 33.5 million shares.
The offering included the availability of 625 million ordinary shares for subscription, representing 12.5 percent of the total issued shares in the group’s capital. The final price of the offering shares was set at 2.67 dirhams per share, i.e. at the upper end of the price range.
TECOM owns and operates 10 specialized business parks focusing on vital sectors in strategic areas in the Emirate of Dubai.
