Khalid Garousha_Adam Wells

Tecom Group completes DFM listing and raises USD462m in IPO

Tecom Group, a manager and operator of 10 strategic, sector-focused business districts across Dubai, has successfully raised approximately AED 1.7 billion (USD462.8m) through an initial public offering (“IPO”). The Group has listed on the Dubai Financial Market (“DFM”) on 05 July 2022 under the ticker symbol “TECOM”.  

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. The IPO drew significant interest from international investors, consequently, around 30% of the Qualified Institutional Offer was allotted to them.  

Dham will continue to be the majority shareholder of Tecom Group, with an 86.5% stake (or 87.5% stake together with Dham fz-llc).  

Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, Morgan Stanley and UBS Investment Bank acted as joint global coordinators and joint bookrunners for Tecom. 

Emirates NBD Bank has been appointed as the lead receiving bank. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, Mashreq Bank and Sharjah Islamic Bank have also been appointed as receiving banks. 

The advisors 

Allen & Overy has advised Tecom Group on the IPO and listing on the Dubai Financial Market. The A&O team was led by Abu Dhabi based partner Khalid Garousha (pictured left) and US Securities partner Adam Wells (pictured right), supported by a cross border team involving lawyers in the UAE and London. 

Latham & Watkins has advised the underwriters on the initial public offering of Tecom Group with a team led by Dubai partners Nomaan Raja, Christian Adams, and Basil Al-Jafari, with associates Ross Whibley, David Hayward, and Anna Borsuk. Advice was also provided on tax matters by New York partner Bora Bozkurt, with associates Ron Moore and Joshua Guerra

Tecom Group completes DFM listing and raises USD462m in IPO

suzan.taha@lcpublishinggroup.it

legalcommunitymena.com

Launched in 2022 by LC Publishing Group S.p.A., it is the first digital portal addressed to the Middle East North Africa market.

In terms of contents, the website focuses on both law firms and in-house legal departments, covering the latest news and rumors on deals and operations (and the related advisors) as well as on laterla hires, moves and new appointmens and providing insights, analytical data and opinions on the professions’ main trends and topics (AI, innovation, etc.).

For further information, please visit the Group’s website www.lcpublishinggroup.com

Legalcommunity MENA
LC Publishing Group S.p.A. – Via Tolstoi 10 – 20146 Milano – Tel. 0236727659 – C.F./P.IVA 07619210961
REA 1971432 Registro delle Imprese di Milano – Cap. Soc. Euro 50.000,00 i.v.

Copyright 2022 © All rights Reserved. Design by Origami Creative Studio

SHARE

Share on linkedin
Share on twitter
Share on facebook
Share on whatsapp
Share on email
Share on telegram