Tecom Group, a subsidiary of Dubai Holding, has set the price range for an upcoming initial public offering, between AED2.46 and AED2.67 per share

The total value of the offering ranges between 1.5 billion dirhams ($419 million) and 1.7 billion dirhams ($454 million), according to Arab Net. ).

The market value upon listing will range between 12.3 billion dirhams ($3.4 billion) and 13.4 billion dirhams ($3.6 billion).

The subscription period for TECOM shares begins today, by offering 12.5% ​​of its capital, equivalent to 625 million shares, distributed over three segments, one of which is for individuals 10% of the offered shares, compared to 90% for professional investors, and 1% for qualified Dubai Holding Group employees. .

The period specified for the first and third tranches (individual and employee tranches) ends on June 23, 2022, while it extends for the second tranche (professional investors) until the end of June 24, 2022.

It is expected to complete the listing of the shares and start trading on the Dubai Financial Market next July 5.

And the news editor in the Arab markets, Shadi Al-Zaim, said that, according to Bloomberg Agency, the subscription was completely covered, two hours after it was opened, noting that this was not surprising, as the offering amounted to about 1.7 billion dirhams, if compared to the previous offerings, whether Dewa or Borouge. .

Al-Zaim added that the return on TECOM distributions ranged from 6 to 6.5%, according to the offered price, which is higher than the DEWA distributions, which ranged between 5 and 5.5%.

He pointed out that the UAE Strategic Investment Fund and North Holding, as the main investors in the offering, are committed to investing a total of 283.75 million dirhams in the subscription ($77.25 million), which constitutes about 20% of the total subscription volume.