Dubai’s TECOM Group raises over $462 million for its IPO

Dubai business park operator TECOM Group said on Monday it raised $462.87 million (AED 1.7 billion) from investors for its initial public offering. The company, which is owned by the investment vehicle of Dubai’s ruler, announced its plan on June 8 to sell a 12.5 percent stake by offering 625 million ordinary shares in its public offering.

TECOM set the final price for its offering at $0.73 (AED 2.67) a share, it said in a statement. The shares are expected to list on or around July 5. “As a result of the extremely strong demand, the final offer price was set at the top of the price range and the company has raised 1.7 billion dirhams through the IPO,” the company said.

Institutional and retail tranches were both heavily oversubscribed, with total gross demand exceeding 35 billion dirhams, it said.

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