Dubai – The Integrated Telecommunications Company (du) has announced the initiation of a secondary public offering for its shares. The shares will be offered by Al Marmoom Diversified Global Holding, a subsidiary of Mubadala Investment Company.
The secondary public offering encompasses 342,084,084 existing shares in du, presented by the selling shareholder. This amount accounts for 7.55% of du’s issued capital and approximately 75% of Al Marmoom’s stake in the company.
The price range for the shares has been established between 9 and 9.90 AED per share. The final price will be determined through a book-building process, with the rate expected to be announced on September 15, 2025.
If the sale reaches the upper end of the price spectrum, it could potentially generate approximately 3.39 billion AED (around 923.20 million USD).
The offering consists of two tranches. The first tranche is allocated for individual investors in the UAE, comprising 5% of the shares on offer. It is available to both individual and other qualified investors (including corporations) with an investor number from the Dubai Financial Market.
The second tranche is a global offering aimed at qualified institutional investors, representing 95% of the total shares. This tranche targets eligible investors in the UAE and other regions outside the United States. Individual investors in the UAE will participate in the share offering at the determined final price.
All of the shares being offered are currently owned by Al Marmoom. The company will not receive any proceeds from the share sale, and the offering will not result in any dilution of current shareholders’ rights. The selling shareholder will bear all associated costs and expenses.
Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Goldman Sachs International have been appointed as joint global coordinators and joint bookrunners for the offering.
Emirates NBD has been designated as the primary receiving bank for the subscription process. Other receiving banks include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Marya Bank, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, and Abu Dhabi Investment Authority.
Subscription and Settlement
The subscription period for individual investors in the UAE commenced on September 8, 2025, and is expected to conclude on September 12, 2025.
The minimum subscription amount for individual investors is set at 5,000 AED, with subsequent requests to be made in multiples of 1,000 AED. Any excess amounts will be refunded to individual investors by September 16, 2025. Each individual subscriber will have a guaranteed minimum allocation of 500 shares, provided that the total allocated shares do not exceed the number available in the individual tranche, which may result in an allocation of fewer than 500 shares for some investors. Individual participants will be subscribed at the finalized offering price.
Eligible Investors
The subscription period for the tranche of qualified investors also began on September 8, 2025, and is anticipated to close by September 12.
The settlement and delivery of the shares to qualified investors will take place through the direct transaction system in the Dubai Financial Market, via brokers, in accordance with the prevailing trading policies, on September 16, 2025, before the market opens. Investors purchasing shares from the eligible investor tranche will be responsible for paying any commissions and fees owed to the broker, the Dubai Financial Market, and any other charges as per the agreements made with their appointed brokers.
All participating investors will be able to trade their shares starting from the opening of trading on the Dubai Financial Market on September 16, 2025, with final settlements for the qualified investors tranche scheduled for Thursday, September 18, 2025.