Tecom Group sets price for IPO of up to $454m
Friday, 17 June 2022
DUBAI, June 16 (Reuters): Dubai business park operator Tecom Group set price guidance on Thursday for its initial public offering that showed it could raise up to 1.67 billion dirham ($454.7 million) in the listing.
Tecom Group, owned by the investment vehicle of Dubai's ruler, plans to sell 625 million shares, or 12.5 per cent of issued share capital, at a price range of 2.46 dirham ($0.66) and 2.67 dirham ($0.72) per share.
That implies a market capitalisation of between 12.3 billion dirhams and 13.4 billion dirhams, said the group, which operates ten business parks and districts across the emirate of Dubai.