Tecom set price range for IPO at 2.46 to 2.67 dirhams per share
Tecom Group, a subsidiary of Dubai Holding, set on Thursday the price range for an upcoming initial public offering (IPO) between 2.46 and 2.67 riyals per share.
According to the group, the total value of the offering ranges between 1.5 billion dirhams ($419 million) and 1.7 billion dirhams ($454 million).
Upon listing, the market value will range between 12.3 billion dirhams ($3.4 billion) and 13.4 billion dirhams ($3.6 billion).
The subscription period for Tecom shares begins today, with the company offering 12.5 percent of its capital, or 625 million shares, divided into three segments, one of which is for individuals, who will receive 10 percent of the offered shares, compared to 90 percent for professional investors and 1 percent for qualified Dubai Holding Group employees.
The first and third tranches (individuals and employees) have a deadline of June 23, while the second tranche (professional investors) has a deadline of June 24, 2022.
The shares are expected to be listed and begin trading on the Dubai Financial Market (DFM) on July 5th.