Tecom, which manages 10 free zones across the emirate, is planning to float 12.5% of its shares on the Dubai Financial Market through an initial public offering (IPO).
“We are providing investors with a unique opportunity to leverage a diverse portfolio of assets across strategic sectors, with a robust governance framework,” Tecom’s chairman Malek al Malek said in a statement.
As of March 31 2022, the company’s built-to-lease properties covered a total leasable area of 21.1 million square feet; its land properties covered a total of 164.8 million square feet, consisting of 124.4 million square feet of land leases and 40.4 million square feet of land bank, the IPO prospectus show.
The company reported an income of AED684.8m ($186.4m) in 2021, up by 25% from a year earlier, according to the IPO documents. It expects the IPO process to wrap up in few weeks and the share to start trading on July 5, according to the prospectus.