TECOM to float on DFM

TECOM Group PJSC (TECOM) has formally announced its intention to float 12.5 per cent of its share capital on the Dubai Financial Market (DFM) through an Initial Public Offering (IPO).

The TECOM Group portfolio consists of ten business districts located across Dubai, catering to six knowledge-based economic sectors including technology, media, education, science, design, and manufacturing, including the likes of Dubai Media City and Dubai Internet City.

The Group provides a varied and tailor-made portfolio which includes offices, co-working spaces, warehouses, as well as land-lease, to over 7,800 customers. It also provides industry specialised facilities including media production facilities, laboratories, and higher education campuses.

TECOM Group’s business districts help to promote and strengthen Dubai’s position as a global hub for business and commerce and have attracted customers and talent from around the world, including leading global and regional companies as well as start-ups.

As many as 625 million ordinary shares will be made available. Subscriptions open on June 16 and will close on June 23 for UAE retail investors of the First and Third Tranche. The subscription period for professional investors in the Second Tranche starts on June 16 and will close on June 24, with a listing on the DFM slated for early July.