RIYADH: Tecom Group, a member of the Dubai Holding group, has set the price range for its initial public offering at 2.46 dirhams ($0.67) to 2.67 dirhams per share.
This values the company at $3.6 billion, Bloomberg reported citing people familiar with the matter.
The people added that the Emirate government is seeking $454 million from the group’s IPO.
The subscription period for IPO runs from June 16 to 23 for the UAE retail offering and from June 24 for the qualified investor offering.
Investors will be able to purchase 625 million shares, equivalent to 12.5 percent of TECOM Group’s issued share capital.
Shares of Tecom Group are expected to trade on the Dubai Financial Market on July 5, according to a statement from Tecom Group.
The IPO of Tecom is the second of ten privatizations that Dubai plans to do to deepen its capital markets.