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FINANCIAL NEWS
Axiom Telecom to raise $382m in Dubai IPO
22 Nov 2010
(MENAFN) Axiom Telecom is seeking to raise as much as $382 million in the United Arab Emirates’ first initial stock offering this year, AP reported.
The Dubai-based company said it plans to float up to a 35 percent stake next month, with shares being offered to institutional investors at a price of 80 cents to $1.15 apiece. At those rates, Axiom as a whole would be worth $760 million to $1.09 billion.
Unlike past stock sales in the Gulf, small-time retail investors won’t be able to participate in the initial public offering. Chief Executive Faisal al-Bannai said that and an extremely attractive offering price should help the company generate sufficient interest among banks and big institutional buyers such as investment funds.
Those IPO investors stand to gain if the share price jumps once retail investors have a chance to buy as the stock begins trading.
Axiom sells cell phones in the UAE, Saudi Arabia and other Gulf Arab countries. It also has stakes in mobile handset companies in India and South Africa.
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