Saturday, September 30

Dubai’s TECOM IPO heavily oversubscribed at top of price range- document

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DUBAI — The initial public offering for Dubai business park operator TECOM Group is heavily oversubscribed at the top of an earlier disclosed share price range, a document seen by Reuters showed.

TECOM Group is looking to raise up to 1.67 billion dirham ($455 million) after it set a price range of 2.46-2.67 dirham per share.

The government announced an initiative last November to list ten state-linked companies.

(Reporting by Lucy Raitano and Saeed Azhar; editing by John Stonestreet)