The Emirati group had raised approximately AED 1.7 billion ($463 million) through an initial public offering (IPO). 

 

The final offer price of the global offering was AED2.67 per ordinary share, and the ompany has floated 625 million  ordinary shares, which is 12.5% of its issued share capital. 

 

Group Chairman Malek Al Malek rang the market opening bell to celebrate the DFM listing in the presence of Amit Kaushal, Group CEO of Dubai Holding, Abdulla Belhoul, CEO of Tecom Group, and Hamed Ali, CEO of DFM and Nasdaq Dubai as well as several other officials. It is being traded within the real estate sector.

 

According to Tecom, the global offering drew substantial demand and was oversubscribed by a little over 21 times in aggregate and the UAE Retail Offer achieved a remarkable oversubscription multiple of almost 40 times in aggregate, surpassing any IPO on the DFM to date. 

 

The IPO drew significant interest from international investors, consequently, around 30% of the Qualified Institutional Offer was allotted to them. Dham will continue to be the majority shareholder of Tecom Group, with an 86.5% stake (or 87.5% stake together with Dham FZ-LLC.

 

Al Malek said: "The listing of Tecom Group on the DFM is a milestone event for the Emirate of Dubai and a historic moment for the Company. As a publicly-traded company, Tecom Group will offer investors the opportunity to benefit from a central player in Dubai’s business hub proposition and from a company that is well-positioned to take advantage of Dubai’s market opportunities and its attractive underlying macroeconomy."

 

"It will also help to further deepen Dubai’s growing capital markets. On behalf of the Board of Directors, I would like to welcome our new diverse shareholders to the Company as we continue our commitment to deliver greater value over the long term to them," he added. 

 

Welcoming the listing, DFM Chairman Helal Al Marri, said this listing underlines the accelerating momentum of Dubai’s strategy to develop its financial markets in line with the leadership’s vision and to strengthen the Emirate's position as a dynamic capital markets’ hub globally. 

 

"Tecom Group’s successful public offering, as part of the government’s growth initiative, marks the second listing on the DFM within just three months," he added.

 

CEO Abdulla Belhoul said: "We are extremely proud to have successfully completed the IPO and to begin our new chapter as DFM-listed company. The extraordinary demand we drew from a geographically diverse investor base demonstrates confidence in Tecom Group as a commercially driven, financially robust, and operationally resilient company."

 

"It also reaffirms their trust in the Company’s ability to execute on our well-defined business and ESG strategy.  We are excited to welcome our new shareholders and will continue to update them on a regular basis on the progress we are making towards our business and ESG strategy," he added.

 

DFM and Nasdaq Dubai CEO Hamed Ali said the listing reinforces DFM’s investment opportunities diversification strategy for the benefit of its large investor base of local and international investors as well as to reinforce market depth, liquidity and trading activities. 

 

"It also boosts our efforts to streamline companies’ access to DFM’s services that enable business owners to sell shares and provide an effective fund-raising platform, noting that our issuers have successfully raised AED 127 billion through the market to implement their growth strategies," he added.-TradeArabia News Service