#Dubai's TECOM $455 mln IPO heavily oversubscribed -document | Reuters

Dubai's TECOM $455 mln IPO heavily oversubscribed -document | Reuters

TECOM Group's initial public offering (IPO) is heavily oversubscribed at the top of its share price range, suggesting the Dubai business park operator could raise 1.67 billion dirhams ($455 million), a document seen by Reuters showed.

TECOM Group, which is owned the investment vehicle of Dubai's ruler, is selling 625 million shares or a 12.5% stake, in an IPO priced at 2.46-2.67 dirham per share.

The selling shareholder is Dubai Holding Asset Management. read more

Any orders below 2.67 dirham per share risk missing subscription, the document from one of the bookrunners said.