The IPO of TECOM shares on the Dubai Financial Market begins today
Today begins the opening of the subscription for the global initial public offering of the "TECOM Group", a subsidiary of Dubai Holding, for about 625 million ordinary shares, representing 12.5% of the total issued shares, in order to list part of its ordinary shares on the Dubai Financial Market.According to the prospectus, it will start The subscription period for eligible institutional buyers and the exempt offering will be on June 16, and will end on June 24, 2022, while the subscription period for individuals in the UAE will start on June 16 and end on June 23, 2022.
Dubai Holding Asset Management “DHEM” reserves the right to amend the size of the global offering at any time before the end of the subscription period, after obtaining the approval of the “Securities and Commodities Authority” in the UAE.
Dubai Holding Asset Management is the majority shareholder in TECOM Group, while Dubai Holding is the parent company.
It is expected that the global offering, listing and trading of shares on the Dubai Financial Market “listing” will be completed on July 5, 2022, based on market conditions and obtaining relevant regulatory approvals in the UAE, including approval of the listing.
Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, Morgan Stanley & Co. International PLC and UBS AG London Branch have been appointed as joint global coordinators and joint registry managers.
In addition, the local financial markets stabilized in the green zone at the end of trading yesterday.
And the local markets attracted a liquidity estimated at 1.81 billion dirhams.
The Dubai Financial Market index rose by 1.15%, or 37.99 points, to close at 3,335.79 points.
The market gains of the Dubai Financial Market in yesterday's session amounted to about 4.940 billion dirhams, bringing its gains in two sessions to six billion dirhams.
In turn, the Abu Dhabi Securities Exchange rose by 0.39% to 9539.17 points.
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