Moscow. 27th of June. INTERFAX.RU – The state operator of business centers from the UAE Tecom Group raised $454 million during the initial public offering on the stock exchange in Dubai, Bloomberg reports. Demand for the company’s shares from investors 21 times exceeded the placement volume and amounted to $9.63 billion.
The UAE authorities sold 625 million shares of the company at a price of 2.67 dirhams per share, that is, at the upper end of the price range. The total value of the entire company was estimated at 13.4 billion dirhams ($3.65 billion).
Such high demand is not uncommon for listings on the Dubai Exchange in 2022. In the IPO of state utility Dubai Electricity & Water Authority, demand outpaced supply by 37 times and plastics maker Borouge by 42 times.
Tecom owns 10 large business centers in Dubai, where more than 7.5 thousand companies, including Microsoft and Google, have offices.