DUBAI, June 23 (Reuters) - TECOM Group's initial public
offering (IPO) is heavily oversubscribed at the top of its share
price range, suggesting the Dubai business park operator could
raise 1.67 billion dirhams , a document seen by
TECOM Group, which is owned the investment vehicle of
Dubai's ruler, is selling 625 million shares or a 12.5% stake,
in an IPO priced at 2.46-2.67 dirham per share.
The selling shareholder is Dubai Holding Asset Management.
Any orders below 2.67 dirham per share risk missing
subscription, the document from one of the bookrunners said.
The Dubai government announced an initiative last November
to list 10 state-linked companies.
In April, listed power utility DEWA in a $6.1 billion deal
that was the region's largest since Saudi Aramco's record IPO of
In recent years Dubai's stock market has lagged peers in Abu
Dhabi and Saudi Arabia after a series of high-profile state
listings on those exchanges.
Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs
International, Morgan Stanley and UBS AG are joint global
coordinators and joint bookrunners for TECOM.
($1 = 3.6729 UAE dirham)
(Reporting by Lucy Raitano and Saeed Azhar; editing by John