UAE – Mubasher: TECOM Group has raised AED 1.70 billion its initial public offering (IPO) where the final price was set at AED 2.67 per share, implying a market cap of AED 13.40 billion.

Local, regional, and international investors have subscribed in the IPO, which attracted total gross demand of AED 35.40 billion, implying an oversubscription level of over 21 times in aggregate, according to a press release on Monday.

TECOM will be trading and listing 625 million ordinary shares, accounting for 12.50% of the capital, on Dubai Financial Market (DFM) at the beginning of July this year. The company’s stock is expected to be traded under the symbol TECOM.

With IPO’s book building and subscription process closed on 24 June, the retail offer alone achieved an oversubscription level of almost 40 times in aggregate.

Chairman of TECOM, Malek Al Malek, said: “The tremendous demand we drew both locally and internationally for the TECOM Group IPO, especially amid challenging market conditions, is testament to the company’s appealing value proposition and growth prospects.”

Earlier in June, Tecom Group set the IPO price range between AED 2.46 and AED 2.67 per share.