The share of Tecom Group, listed on the Dubai Financial Market, rose at the end of trading on Monday, with the share price exceeding 3 dirhams, for the first time since listing.
According to market data, the stock rose by 1.68 percent at the end of today’s trading, reaching a price of 3.04 dirhams.
The stock witnessed transactions of 929,788 thousand shares, worth 2.794 million dirhams, distributed over 89 transactions.
On July 5, 2022, the Dubai Financial Market witnessed the listing and commencement of trading of TECOM Group shares, with the trading symbol (TECOM) and the international number (ISIN AEE01081T004), within the real estate sector.
The subscription to TECOM Group shares began on June 16, 2022, by offering 12.5 percent of its capital, equivalent to 625 million shares, and ended in the individuals and employees tranche on June 23, while the subscription for qualified investors (the second tranche) ended on June 24, 2022.
The subscription was covered approximately 21 times, and the total purchase orders amounted to approximately AED 35.4 billion. The individual subscription recorded a coverage of approximately 40 times, which is the highest coverage rate in the history of public subscriptions in the Dubai Financial Market.
This listing is the second on the Dubai Financial Market in 2022, and the second of ten planned offerings for government and semi-government companies. Upon completion, the group’s market value will reach AED 13.4 billion based on its final offering price, which was set last week at AED 2.67 per share.
