Emirates Integrated Telecommunications Company (du) has launched a secondary public offering of up to 342 million shares, equivalent to 7.55% of its share capital, by its shareholder Mamoura Diversified Global Holding, a unit of Mubadala Investment Company. The sale runs from September 8 to 12 and covers around 75% of Mamoura’s stake in du.
The offer price is set between Dh9.00 and Dh9.90 per share, with the final price to be determined through a book-building process and announced on September 15. At the maximum price, the transaction could yield approximately Dh3.39 billion ($923 million).
The offering is structured in two tranches:
- Retail tranche (5% of shares): Open to UAE retail investors holding a National Investor Number (NIN) on the Dubai Financial Market, each guaranteed a minimum allocation of 500 shares; minimum application of Dh5,000.
- Institutional tranche (95%): Available to qualified institutional investors in the UAE and select international markets, under Regulation S and Rule 144A. Minimum subscription of Dh5 million.
du emphasised that the sale will not dilute existing shareholders’ ownership or benefit du financially; all proceeds go to Mamoura. Shares not sold will be locked up for 90 days post-settlement, with standard exceptions and waiver allowances.
The sale includes a series of investor meetings ahead of closing, with Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank and Goldman Sachs International acting as joint global coordinators and bookrunners. Emirates NBD Bank is the lead receiving bank, supported by several others, including ADCB, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank and Wio Bank.
du said the sale will expand its free float, broaden its investor base and boost liquidity on the Dubai Financial Market.
