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Dubai Offers 12.5% in Business Park Operator Amid IPO Push

  • Stock expected to start trading on Dubai stock exchange July 5
  • Government is said to target proceeds of at least $500 million
Updated on

Dubai plans to sell a 12.5% stake in business park operator Tecom Group in an initial public offering, the second listing by the government this year to boost trading volumes and increase liquidity on the exchange.

State-owned Dubai Holding will sell 625 million shares in Tecom, according to a statement. The government is aiming to raise at least $500 million from the IPO, according to people familiar with the matter.