UAE - Mubasher: TECOM Group, a member of Dubai Holding Group, has set the price range for its initial public offering (IPO) on the Dubai Financial Market (DFM) between AED 2.46 and AED 2.67 per share.

The company has started the subscription period to offer 625 million shares, equivalent to 12.50% of its issued share capital, according to a press release on Thursday.

Dubai Holding Asset Management (DHAM) has the right to amend the global offering size at any time prior to the end of the subscription period, subject to the applicable laws of the UAE and the approval of the Securities and Commodities Authority (SCA).

The IPO subscription period is set to take place during 16-23 June 2022 for the UAE retail offering, which will be followed by the qualified investor offering on 24 June.

The total offering size is expected to be between AED 1.50 billion and AED 1.70 billion, implying a market capitalisation at the listing of between AED 12.30 billion and AED 13.40 billion.