Dubai's TECOM Group says raises 1.7b dirhams via its IPO
Tuesday, 28 June 2022
DUBAI, June 27 (Reuters) - Dubai business park operator TECOM Group said on Monday it had raised 1.7 billion dirhams ($463 million) from investors via 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 12.5pc stake by offering 625 million ordinary shares in its IPO.
TECOM set the final offering price at 2.67 dirhams a share, it said. 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.