fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Markets Brokerage

Tecom Group circles IPO price range between AED2.46, AED2.67 per share

Final offer price to be decided on June 27, 2022

Ritu M R by Ritu M R
June 16, 2022
in Brokerage, The Global Economics, Top Stories
Reading Time: 2 mins read
0
Tecom Group circles IPO price range between AED2.46, AED2.67 per share

Tecom Group circles IPO price range between AED2.46, AED2.67 per share

39
SHARES
217
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

Tecom Group, a member of the Dubai Holding group circled the price range for its initial public offering (IPO) at between AED2.46 and AED2.67 per share in a statement issued on Thursday. Tecom’s IPO will be the second of 10 state-owned assets the Dubai government drives to boost trading volumes and increase liquidity on the exchange.

The owner, manager, and operator of the strategic, sector-focused business districts across Dubai said the final offer price would be bound through a book-building process and is expected to be announced on June 27, 2022. The major contributor to the rapid growth of Dubai’s knowledge and innovation-based economy, launched the subscription period for its IPO on the Dubai Financial Market (DFM). Tecom supports more than 7,500 companies and 10 large business complexes including Dubai Internet City and Dubai Media City.

The total offering size is expected to be between AED1.5 billion (USD419 million) and AED1.7 billion (USD454 million), implying a market capitalisation at the time of listing of between AED12.3 billion (USD3.4 billion) and AED13.4 billion (USD3.6 billion).

The operator of Dubai’s popular free zones said the UAE Strategic Investment Fund and Shamal Holding would be cornerstone investors in the IPO with a total assured investment of Dh283.75 million (USD77.25 million).

The Tecom Group in a statement said that the IPO subscription period would start from June 15, and run until June 23, 2022 for the UAE retail offering and June 24, 2022 for the qualified investor offering. Admission of the shares to trading on the DFM would be expected on July 5, 2022.

The Tecom Group’s issued share capital accounts for a total of 625 million shares, equivalent to 12.5 per cent, which would be offered to the investors. Dubai Holding Asset Management (DHAM) would reserve all rights to alter the size of the global offering.

The joint global coordinators and bookrunners include, First Abu Dhabi Bank, Emirates NBD Bank, Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG.

Tecom’s Dividend policy

Tecom Group plans to implement a semi-annual dividend distribution policy and would be paying dividends in cash in October and April each year which would be subject to the board of directors and general assembly’s approval.

The statement added saying that the Company expects to pay a dividend amount of AED 800 million per annum over the next three years through to October 2025.

In the past few years Dubai’s stock market has protected peers in Abu Dhabi and Saudi Arabia after a series of high-profile state listings on those exchanges.

 

Tags: DubaiDubai Holding GroupipoTecom
Ritu M R

Ritu M R

Ritu is a professional who aims at writing informative and engaging articles that appeal to the readers.

Related Posts

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy
Economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

by Riya Thomas
March 21, 2023
First Republic Shares Plummet Amid Liquidity Fears
Banking

First Republic Shares Plummet Amid Liquidity Fears

by Anuj Singh
March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated
Technology

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

by Rahil Adnan
March 21, 2023
UEM Edgenta Paves the Way for Non-Clinical Tech Companies To Improve Healthcare Services
Exclusive Coverage

UEM Edgenta Paves the Way for Non-Clinical Tech Companies To Improve Healthcare Services

by The Global Economics
March 21, 2023
Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi
Islamic

Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi

by Riya Thomas
March 20, 2023
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

First Republic Shares Plummet Amid Liquidity Fears

First Republic Shares Plummet Amid Liquidity Fears

March 21, 2023
Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

March 21, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version