DUBAI, Sept 8 (Nyongesa Sande) – The UAE telecom operator du will offer more than 342 million shares previously held by Mamoura Diversified Global Holding, a unit of Mubadala Investment Company, in a two-tranche public offering on the Dubai Financial Market (DFM).
The offering, which represents 7.55% of du’s share capital and 75% of Mamoura’s stake, will be priced between AED 9.00 and AED 9.90 ($2.45–$2.69) per share. The final price will be determined through a bookbuilding process, with results expected on September 15.
The structure of the deal includes:
- A UAE retail tranche comprising 5% of the shares, open to individuals and institutions with a National Investor Number (NIN).
- A global offering of 95% of the shares, available to qualified institutional investors in the UAE and internationally.
Both tranches will run from September 8 to 12.
du emphasized that the transaction will not dilute existing shareholders’ rights. Any unsold shares held by Mamoura will be subject to a 90-day lock-up period, except under customary exemptions and with consent from the Joint Global Coordinators.
The company confirmed it would engage with institutional investors through roadshows and meetings ahead of the offering’s close.
Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Goldman Sachs International are acting as Joint Global Coordinators and Joint Bookrunners. Emirates NBD Bank has been named as the Lead Receiving Bank, alongside Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, and Wio Bank as additional receiving banks.
The offering is expected to boost du’s free float, attract a wider investor base, and improve trading liquidity.
du, listed on the DFM, provides a wide portfolio of mobile, fixed, ICT, fintech solutions, and network infrastructure services across the UAE.
