Business parks-operator TECOM Group is readying itself for a public markets debut as its parent company, Dubai Holding considers an IPO. Dubai Holding is Sheikh Mohammed bin Rashid Al-Maktoum’s personal corporate portfolio and functions as a family office / investment holding company.
TECOM’s history as a business parks operator has led it to comprise 10 business parks across Dubai that have leased out space to over 6,500 businesses. The IPO’s size is still to be determined but investment banks Morgan Stanley (MS), Goldman Sachs (GS), and UBS (UBSG) are reported to have been tapped as book runners for the listing.
Why it matters
A week ago, the Dubai government announced plans to denationalize 10 state-owned companies, while also set-up a $545m fund to help private companies IPO. TECOM’s IPO kills two birds with one stone: denationalize and boost the bourse.
