Today marks the conclusion of the subscription period for a secondary public offering announced by Emirates Integrated Telecommunications Company, known as “du.” The offering includes approximately 342.08 million shares owned by Al Mamoura Diversified Global Holding, a subsidiary of Mubadala Investment Company.
According to a statement from du, the shares being offered constitute 7.55% of its total capital and 75% of the stake held by Mubadala in the company. The price range for the shares has been set between 9.0 and 9.90 dirhams each.
All shares available in this offering are currently owned by Al Mamoura. The company will not receive any proceeds from the sale, and there will be no dilution of existing shareholders’ rights as a result of this offering. The selling shareholder will bear all costs and expenses associated with the offering.
The final share price will be determined through a book-building process, with the announcement scheduled for next Monday. Investors within the individual category in the UAE can participate in purchasing shares at the final offering price, noting that individual investors will receive 5% of the total secondary offering. The minimum subscription for individual investors is set at 500 shares.
It is noteworthy that du’s stock reached its all-time high of 11 dirhams at the end of August.