DUBAI, June 27 (Reuters) – Dubai business park operator TECOM Group said on Monday it had raised 1.7 billion dirhams ($463 million) from investors through its initial public offering.

The company, which is owned by the Dubai ruler’s investment vehicle, announced plans on June 8 to sell a 12.5% ​​stake by offering 625 million ordinary shares in its IPO.

TECOM set the final offer price at 2.67 dirhams per share, he said. The shares are expected to list on or around July 5.

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“Due to extremely strong demand, the final offering price was set at the high end of the price range and the company raised 1.7 billion dirhams through the IPO,” the company said. society.

The institutional and retail tranches were both heavily oversubscribed, with total gross demand exceeding 35 billion dirhams, he said.

Reuters reported in November that Dubai Holding, the investment vehicle of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, was considering an IPO of TECOM Group.

The Deputy Ruler of Dubai, Sheikh Maktoum Bin Mohammed, announced plans in November to take 10 government-linked companies public to boost stock market activity.

Gulf issuers have raised $11.3 billion from IPOs so far this year, Refinitiv data shows, outpacing European IPOs even as global markets remain volatile following the conflict in Ukraine.

($1 = 3.6727 UAE Dirham)

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Reporting by Hadeel Al Sayegh; Editing by Edmund Blair

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