Axiom Telecom, a UAE-based mobile phone retailer, plans to launch an initial public offering that could raise Dh200-300m ($54-$82m) for troubled conglomerate Dubai Holding, one of the retailer’s main shareholders.
Bankers say that the Dubai-based distributor could offer a 30 per cent stake on Nasdaq Dubai, the emirate’s international exchange, in the fourth quarter in what would be the country’s first IPO in more than two years.
The sale would provide cash for TECOM, Dubai Holding’s business parks unit, which owns 40 per cent of Axiom.
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