Investors can subscribe to Dubai real estate giant’s IPO via ICM.com
Tecom group was founded in 2005 and is a subsidiary of Dubai Holdings which is owned by the government of Dubai.
ICM.com has opened to subscriptions for shares in Tecom groups’ IPO, via the ICM Securities platform, the online trading provider announced.
The initial public offering will take place on the Dubai Financial Market exchange on July 5th, 2022, and ICM.com is taking subscriptions via their securities platform. Subscriptions opened today and will close on June 23. Tecom plans to sell 12.5 percent of the company as 625 million shares.
The trading platform warned users that subscribing to Tecom’s IPO does not mean they have to purchase shares once the price is released. There is no minimum requirement and no investor number needed.
Tecom is owned by the government of Dubai
Tecom group was founded in 2005 and is a subsidiary of Dubai Holdings which is owned by the government of Dubai. The buildings offer a diverse range of high-quality facilities and are largely positioned in prime areas of Dubai covering 10 business districts, including Dubai Internet City and Dubai Media city.
The business clusters are home to offices, Coworking spaces, and warehouses which are leased to over 6000 companies from startups to international corporations. The clusters also provide industry-specific facilities including laboratories, media production studios, and higher education campuses.
The real estate firm has reported revenue of Dh485 million in the first quarter of this year and is offering a generous dividend policy with plans to pay out over Dh 800 million.
Shoaib Abedi, Founder, and CEO of ICM.com, said: “ICM has always had a strong presence in the MENA region and we’re thrilled to be offering this opportunity to both new clients and our existing investors. The UAE is a thriving economy and currently at the forefront of the IPO market.”
ICM.com’s online investment stocks platform offers access to all the major global stock exchanges as well as a variety of smaller MENA region exchanges such as the Saudi exchange and Nasdaq Dubai.
In late 2021, the multi-regulated firm secured approvals from the Qatar Financial Centre (QFC) after it has incorporated its new subsidiary ICM LLC (Qatar), taking up premises in Tornado Tower, an iconic skyscraper in the heart of Doha’s premier business district.
The QFC, while running parallel to the existing framework in Qatar, is an onshore regime that operates within its own legal, tax and regulatory framework. The centre has its own civil and commercial courts, as well as an independent regulatory tribunal. QFC-established firms can be 100% foreign owned and are not subject to currency restrictions and can repatriate 100% of profits.
This new license will allow ICM.com to provide its range of FX and CFDs products to retail and professional clients not only from Qatar but also to expand the offering to the other GCC states, meaning Bahrain, Kuwait, Oman, UAE, Saudi Arabia and North Africa.