Dubai’s Tecom Group, a member of the Dubai Holding group, opened on Thursday an initial public offering (IPO), listing part of its ordinary shares for trading on the Dubai Financial Market (DFM).
The price range for the initial public offering (IPO) has been set between AED2.46 and AED2.67 per share.
TECOM Group’s UAE Retail Offering is now open for subscription. Price range is between AED 2.46 to AED 2.67 per share. Read more here: https://t.co/44lpBVk1Fa pic.twitter.com/7Wbh10psvq
— TECOM Group (@TECOMGroupDubai) June 16, 2022
Tecom Group — the owner, manager and operator of 10 business districts across Dubai — has floated 625,000,000 shares, representing 12.5 percent of the group’s issued share capital.
The qualified institutional offering and the exempt offer subscription period is expected to run from June 16-24, while the retail offer subscription period will run from June.16-23. Anticipated date for admission of shares on the DFM is July 5.
Tecom Group intends to adopt a semi-annual dividend distribution policy to pay dividends in cash in October and April of each year, subject to requisite approvals. The company expects to pay a dividend amount of AED800 million per annum over the next three years – up until October 2025.
