DUBAI, Sept 8 (Arabian Wall street) – UAE telecom operator du announced on Monday it will sell more than 342 million shares previously held by Mamoura Diversified Global Holding, a unit fully owned by Abu Dhabi sovereign wealth fund Mubadala Investment Company, in a new public offering aimed at broadening its investor base.
The offering, representing 7.55% of du’s share capital, will be conducted in two tranches. A retail tranche, comprising 5% of the shares, will be open to UAE individual and institutional investors holding a National Investor Number (NIN) on the Dubai Financial Market (DFM). A second global tranche, representing 95% of the shares, will be available to qualified institutional investors in the UAE and internationally.
The price range for the offering has been set between AED 9.00 and AED 9.90 ($2.45–$2.69) per share, with the final price to be determined via bookbuilding on September 15. The subscription period runs from September 8 to 12.
du clarified that the offering would not dilute existing shareholder ownership. Shares retained by Mamoura that are not sold will be subject to a 90-day lock-up period, except under certain customary exemptions approved by the Joint Global Coordinators.
To support the offering, du has engaged Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Goldman Sachs International as Joint Global Coordinators and Joint Bookrunners. Emirates NBD Bank will serve as the Lead Receiving Bank, while other receiving banks include ADCB, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Dubai Islamic Bank, Emirates Islamic Bank, FAB, and Wio Bank.
The Dubai-listed operator said the transaction would significantly boost its free float, stimulate trading liquidity, and strengthen its appeal to international investors. du also confirmed it would hold a series of investor roadshows and meetings ahead of the offering’s close.
The telecom operator maintains a diverse portfolio of mobile, fixed, ICT, fintech, and network infrastructure solutions, positioning itself as a key player in the UAE’s digital economy.
