Dubai plans to sell a 12.5% stake in business park operator Tecom Group in an initial public offering, the second listing by the government this year to boost trading volumes and increase liquidity on the exchange.
State-owned Dubai Holding will sell 625 million shares in Tecom, according to a statement. The government is aiming to raise at least $500 million from the IPO, according to people familiar with the matter.
- The price range will be announced on June 16, the same day when the IPO starts
- UAE retail offering: June 16 to June 23; qualified institutional offering: June 16 to June 24
- The selling shareholder reserves the right to amend the offering and size
- Expected date of listing on Dubai stock exchange: July 5
- Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs, Morgan Stanley and UBS are the joint global coordinators and joint bookrunners
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