Tecom Group commences trading on the Dubai financial market
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Tecom Group commences trading on Dubai Financial Market

Tecom Group commences trading on Dubai Financial Market

A total of 625,000,000 shares, equivalent to 12.5 per cent of Tecom Group’s issued share capital, were issued

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Tecom Group commences trading on the Dubai financial market

Tecom Group has successfully listed on the Dubai Financial Market (DFM), beginning its first day of trading on July 5 under the ticket symbol ‘Tecom’.

The Group has raised approximately Dhs1.7bn through an initial public offering (IPO). The final offer price of the Global Offering was Dhs2.67 per ordinary share and the company has floated 625 million (625,000,000) ordinary shares, which is 12.5 per cent of its issued share capital.

The Global Offering drew substantial demand and was oversubscribed by a little over 21 times in aggregate and the UAE Retail Offer achieved a remarkable oversubscription multiple of almost 40 times in aggregate, surpassing any IPO on the DFM to date.

Malek Al Malek, chairman of Tecom Group, rang the market opening bell at the official listing ceremony in the presence of Amit Kaushal, Group CEO of Dubai Holding, Abdulla Belhoul, CEO of Tecom Group and Hamed Ali, CEO of DFM and Nasdaq Dubai as well as several other officials.

“The listing of Tecom Group on the DFM is a milestone event for Dubai and a historic moment for the company. As a publicly-traded company, Tecom Group will offer investors the opportunity to benefit from a central player in Dubai’s business hub proposition and from a company that is well-positioned to take advantage of Dubai’s market opportunities and its attractive underlying macroeconomy,” said Malek Al Malek, chairman of Tecom Group.

Read: Dubai’s TECOM Group completes IPO, raises Dhs1.7bn

“On behalf of the Board of Directors, I would like to welcome our new diverse shareholders to the Company as we continue our commitment to deliver greater value over the long term to them,” added Malek.

Helal Al Marri, chairman of the DFM, welcomed the listing , noting that this listing underlines the accelerating momentum of Dubai’s strategy to develop its financial markets in line with the leadership’s vision and to strengthen the Emirate’s position as a dynamic capital markets’ hub globally.

“Tecom Group’s successful public offering, marks the second listing on the DFM within just three months. The listing demonstrates the commitment of the Higher Committee for the development of Dubai’s financial markets, led by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, to fast-track the execution of the development strategy and meet its strategic objectives,” he added.

Hamed Ali, CEO of DFM and Nasdaq Dubai, said, “The listing of TECOM Group, which has an outstanding record in the developing and managing specialised business zones, reinforces DFM’s investment opportunities diversification strategy for the benefit of its large investor base of local and international investors as well as to reinforce market depth, liquidity and trading activities.”

Also read: Tecom Group to list 12.5% of shares on Dubai Financial Market

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