TECOM set to raise AED 1.7 billion from IPO

The price range for TECOM Group's IPO application period has been set between AED 2.46 and AED 2.67 per share, with 625 million shares available for purchase.

The IPO, launched June 16, represents 12.5 per cent ​​of the total issued shares in the capital of the group.

It means the subsidiary of Dubai Holding is expected to raise between AED 1.5 billion to AED 1.7 billion, valuing the group between AED 12.3 billion and AED 13.4 billion.

Applications are open to the public until June 23 with institutional investors able to subscribe for an extra day, up to June 24.  

The TECOM Group portfolio consists of 10 business districts located across Dubai, catering to six knowledge-based economic sectors including technology, media, education, science, design, and manufacturing, including the likes of Dubai Media City and Dubai Internet City.

The Group provides a varied and tailor-made portfolio which includes offices, co-working spaces, warehouses, as well as land-lease, to over 7,800 customers. It also provides industry specialised facilities including media production facilities, laboratories, and higher education campuses.