UAE handset retailer Axiom Telecom said on Sunday it expects to debut on Nasdaq Dubai in early December with a market value of up to $1 billion after selling up to a third of its shares to institutional investors.
In what would be the first initial public offering from the United Arab Emirates in nearly two years, Axiom set the IPO share price range between $0.80 and $1.15 and told a press conference that the first day of trading would likely be on or around December 9.
When the retailer announced plans in October to list a 35 percent stake on Nasdaq Dubai, it was not yet decided what portion of the shares would be allocated to retail investors and how much would be reserved for institutional investors."
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