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Dubai's Tecom IPO massively oversubscribed, share price set at Dh2.67

Tecom Group, a subsidiary of Dubai Holding, on Monday said it raised Dh1.7 billion from its initial public offering (IPO), which was oversubscribed 21 times to reach Dh35 billion.

The company, which offered 625 million shares for sale as part of its global offering, set a final share price at the top of the range at Dh2.67, valuing it at Dh13.4 billion. Dubai Holding Asset Management (DHAM) will continue to own a majority 86.5 percent stake in the company.

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