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Allen & Overy has advised TECOM Group on its IPO and listing on the Dubai financial market

Allen & Overy has advised TECOM Group - owner, manager and operator of 10 strategic, sector-focused business districts across Dubai - on its initial public offering (IPO) and listing on the Dubai Financial Market (DFM).

TECOM Group provides high-quality real estate products and value-added services, contributing to the growth and development of six vital non-oil sectors, including technology, media, science, education, design, and manufacturing.

For more than two decades TECOM Group has been at the forefront of Dubai’s economic growth and diversification by building and growing 10 world class, sector-focused business districts strategically located across the Emirate of Dubai (including Dubai Internet City and Dubai Media City). Playing an instrumental role in delivering Dubai’s economic vision and developing its business ecosystem, TECOM Group have provided dynamic environments for global corporations, regional entrepreneurs and freelancers to set-up, scale and access the MENA region’s diverse markets.

The IPO, which comprised a sale of existing shares by TECOM Group’s shareholder, DHAM LLC, raised approximately AED 1.7 billion and drew substantial demand from regional and international investors.

The offering was oversubscribed by a little over 21 times in aggregate, with the UAE retail offer achieving a remarkable oversubscription multiple of almost 40 times in aggregate, surpassing any IPO on the DFM to date.

Lead Partner Khalid Garousha commented: “TECOM Group personifies Dubai’s unparalleled growth story, promoting entrepreneurialism and investment in six vital non-oil sectors. Supporting TECOM Group on this landmark transaction has been a journey that we are very proud to have been involved in – we are privileged to have been given that opportunity. The past 12 months have been a historic year for IPO activity in the GCC region, driven by a shift in investor sentiment back towards the regional markets, a trend that we hope to see continue and which we look forward to playing a leading role in promoting.”

The A&O team was led by Abu Dhabi based Partner Khalid Garousha and US Securities Partner Adam Wells, supported by a cross border team involving lawyers in the UAE and London.