Dubai's Tecom Group, the operator of business districts that are home to more than 7,800 companies, may raise as much as Dh1.67 billion ($455 million) from its initial public offering on the Dubai Financial Market.
The company set its offering price range between Dh2.46 and Dh2.67 a share, valuing it at between Dh12.3bn and Dh13.4bn, Tecom said on Thursday.
Dubai Holding will sell 625 million shares, or 12.5 per cent in Tecom, as part of a series of IPOs of state enterprises aimed at boosting the size of the emirate's capital market.
The UAE Strategic Investment Fund and Shamal Holding will be cornerstone investors in the IPO, with a total commitment of Dh283.75m ($77.3m).
Tecom comprises 10 business districts that include Dubai Internet City, Dubai Media City and Dubai Design District.
The subscription period for retail investors runs from June 16 to June 23, and until June 24 for qualified institutional investors.
The final offer price will be determined through a book-building process and will be announced on June 27, with Tecom shares beginning to trade on the Dubai stock exchange on July 5, subject to market conditions and the obtaining of relevant regulatory approvals in the UAE.
