Dubai - Mubasher: Tecom Group has started trading on the Dubai Financial Market (DFM) following its successful initial public offering (IPO).

The global offering was oversubscribed by over 21 times in aggregate, while the UAE retail offer recorded an oversubscription of almost 40 times in aggregate, according to a press release.

The company has floated 625 million ordinary shares, representing 12.5% of its issued share capital.

The Chairman of Tecom Group, Malek Al Malek, said: "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."

Meanwhile, the Chairman of the DFM, Helal Al Marri, commented: "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."

It is noteworthy to mention that last week, the group raised AED 1.70 billion in its IPO where the final price was set at AED 2.67 per share, implying a market cap of AED 13.40 billion.