Dubai's latest IPO - Tecom Group - hits DFM in full tilt on debut

Back-to-back listings of DEWA and Tecom is pumping liquidity onto DFM


IPOover-subscriptionTecom


The Tecom stock, which was sold at Dh2.67 a share had volumes of 28 million plus shares traded in the first 30 minutes. At 11.23, Tecom is down 6.36 per cent to Dh2.50, caught in the general dip that DFM has been experiencing. The stock had dropped by more than 14 per cent in afternoon trades, with volumes at nearly 155 million shares. By 2.46 pm, the decline was clipped to under 10 per cent. 


Net profit for 2019-21 stayed were at Dh633.59 million, Dh579.08 million, and Dh568.83 million, respectively. Solid numbers given that for two of those years, there was the pandemic to deal with and what it meant for the way Tecom’s tenants wanted to work. Tecom remains systemically one of the most important landlords in Dubai of commercial real estate, with 10 business hubs. These include the consistently in-demand Dubai Internet City and Media City, and the emerging Dubai Design District.


The improved numbers are starting to be sighted for this year, with Q1-2022 profit at Dh190.26 million against last year’s Dh144.29 million. Tecom had earlier said it continues to do well on the leasing side, with solid retention rates on longer leases. This again is significant as businesses, especially tech and tech-focussed ones, are still flexible on hybrid working.


“We also own a land bank which can be leased out directly or developed for rent, providing greater opportunities to attract new tenants and customers or allow existing ones to expand operations,” said Tecom in its listing prospectus.

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