DUBAI, Sept 8 (Nyongesa Sande) – UAE telecom operator du has announced the launch of a secondary public offering of more than 342 million shares, previously held by Mamoura Diversified Global Holding, a wholly owned entity of Abu Dhabi’s Mubadala Investment Company.
The offering, representing 7.55% of du’s share capital, is structured in two tranches and accounts for 75% of Mamoura’s total stake in the company. The price range has been set between AED 9.00 and AED 9.90 per share ($2.45–$2.69), with the final price to be determined through a bookbuilding process that will conclude on September 15.
The first tranche, comprising 5% of the shares, will be offered to UAE retail investors, including individuals and entities holding a National Investor Number (NIN) on the Dubai Financial Market (DFM). The second tranche, 95% of the offering, is reserved for qualified institutional investors in the UAE and internationally. Subscription for both tranches will run from September 8 to September 12.
According to du, the share sale will not dilute ownership rights for existing shareholders. Shares retained by Mamoura and not sold in the offering will be subject to a 90-day lock-up period following settlement, subject to customary exceptions and possible waiver by the Joint Global Coordinators.
The company said the transaction is expected to boost free float, broaden its investor base, and increase trading liquidity. Ahead of the offering’s close, du will hold a series of investor meetings with institutions.
Joint Global Coordinators and Bookrunners for the offering include Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Goldman Sachs International. Emirates NBD Bank has been appointed as the Lead Receiving Bank, with Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, and Wio Bank also serving as Receiving Banks.
du, listed on the Dubai Financial Market, provides a wide portfolio of services ranging from mobile and fixed-line telecoms to ICT, network infrastructure, and fintech solutions. The Mamoura share sale marks a significant step in diversifying the company’s investor base.
