#Dubai's Tecom Group sets price for IPO of up to $454 mln | Reuters

Dubai's Tecom Group sets price for IPO of up to $454 mln | Reuters

Dubai business park operator Tecom Group set price guidance on Thursday for its initial public offering that showed it could raise up to 1.67 billion dirham ($454.7 million) in the listing.

Tecom Group, owned by the investment vehicle of Dubai's ruler, plans to sell 625 million shares, or 12.5% of issued share capital, at a price range of 2.46 dirham ($0.66) and 2.67 dirham ($0.72) per share.

That implies a market capitalisation of between 12.3 billion dirhams and 13.4 billion dirhams, said the group, which operates ten business parks and districts across the emirate of Dubai.

UAE Strategic Investment Fund and Shamal Holding will be "cornerstone" investors in the listing, with a combined commitment of 283.75 million dirhams.