Tecom Group listed on DFM under the ticker symbol 'TECOM'

Tecom Group listed on DFM  under the ticker symbol 'TECOM'

TECOM Group PJSC, a manager and operator of 10 strategic, sector-focused business districts across Dubai and a major contributor to the rapid growth of Dubai’s knowledge and innovation-based sectors, successfully listed on the Dubai Financial Market (“DFM”) today, beginning its first day of trading under the ticker symbol “TECOM”.

TECOM Group has successfully raised approximately AED 1.7 billion through an initial public offering (“IPO”).  The final offer price of the Global Offering was AED 2.67 per ordinary share, and the Company has floated 625 million (625,000,000) ordinary shares, which is 12.5% of its issued share capital. The Global Offering drew substantial demand and was oversubscribed by a little over 21 times in aggregate and the UAE Retail Offer achieved a remarkable oversubscription multiple of almost 40 times in aggregate., surpassing any IPO on the DFM to date. The IPO drew significant interest from international investors, consequently, around 30% of the Qualified Institutional Offer was allotted to them. DHAM LLC will continue to be the majority shareholder of TECOM Group, with an 86.5% stake (or 87.5% stake together with DHAM FZ-LLC).

Malek Al Malek, Chairman of TECOM Group, rang the market opening bell at today’s official listing ceremony in the presence of Amit Kaushal, Group CEO of Dubai Holding, Abdulla Belhoul, CEO of TECOM Group, and Hamed Ali, CEO of DFM and Nasdaq Dubai as well as several other officials.

Malek Al Malek, Chairman of TECOM Group, said:

“The listing of TECOM Group on the DFM is a milestone event for the Emirate of Dubai and a historic moment for the Company. As a publicly-traded company, TECOM Group will offer investors the opportunity to benefit from a central player in Dubai’s business hub proposition and from a company that is well-positioned to take advantage of Dubai’s market opportunities and its attractive underlying macroeconomy. It will also help to further deepen Dubai’s growing capital markets. On behalf of the Board of Directors, I would like to welcome our new diverse shareholders to the Company as we continue our commitment to deliver greater value over the long term to them.”

H.E. Helal Al Marri, Chairman of the DFM, welcomed the listing of TECOM Group, noting that this listing underlines the accelerating momentum of Dubai’s strategy to develop its financial markets in line with the leadership’s vision and to strengthen the Emirate's position as a dynamic capital markets’ hub globally.

"TECOM Group’s successful public offering, as part of the government’s growth initiative, marks the second listing on the DFM within just three months. The listing demonstrates the commitment of the Higher Committee for the development of Dubai’s financial markets, led by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, to fast-track the execution of the development strategy and meet its strategic objectives. It also points to various market participants’ deep confidence in DFM, which is clearly evident in the increased activity and improvement of numerous performance indicators recently,”

He added.

Abdulla Belhoul, Chief Executive Officer of TECOM Group, said:

“We are extremely proud to have successfully completed the IPO and to begin our new chapter as DFM-listed company. The extraordinary demand we drew from a geographically diverse investor base demonstrates confidence in TECOM Group as a commercially driven, financially robust, and operationally resilient company. It also reaffirms their trust in the Company’s ability to execute on our well-defined business and ESG strategy.  We are excited to welcome our new shareholders and will continue to update them on a regular basis on the progress we are making towards our business and ESG strategy.”

Hamed Ali, CEO of DFM and Nasdaq Dubai, said:

“The listing of TECOM Group, which has an outstanding record in the developing and managing specialized business zones, reinforces DFM’s investment opportunities diversification strategy for the benefit of its large investor base of local and international investors as well as to reinforce market depth, liquidity and trading activities. It also boosts our efforts to streamline companies’ access to DFM’s services that enable business owners to sell shares and provide an effective fund-raising platform, noting that our issuers have successfully raised AED 127 billion through the market to implement their growth strategies."

News Source: Dubai Media Office

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