Emirates Integrated Telecommunications Company (du), a leading telecommunications and digital services provider listed on the Dubai Financial Market (DFM), have launched a secondary public offering of shares.
The secondary public offering is conducted by Mamoura Diversified Global Holding, a Mubadala Investment Company subsidiary, which will sell up to 342,084,084 existing shares. This represents 7.55 percent of du’s total share capital and 75 percent of Mamoura’s stake in the company.
The price range per share has been set between $2.45 (AED 9.00) and $2.69 (AED 9.90), and the final offer price will be determined through a book building process and announced on September 15, 2025.
Senior representatives from Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Goldman Sachs International are acting as Joint Global Coordinators and Bookrunners for the secondary public offering. Emirates NBD Bank will serve as the Lead Receiving Bank, with other banks appointed as Receiving Banks.
The Internal Sharia Supervision Committees of Emirates NBD Bank and First Abu Dhabi Bank have confirmed that the offering complies with Shariah principles, though investors are advised to do their own due diligence.
The secondary public offering will be divided into two tranches:
The first tranche, open exclusively to UAE retail investors holding a National Investor Number (NIN) with the DFM, will allocate 5 percent of the Offer Shares.
The second tranche, comprising 95 percent of the shares, will target qualified institutional investors both in the UAE and internationally (excluding the US).
For U.S.-based qualified institutional buyers, the offering complies with Rule 144A under the US Securities Act.
The company will not receive any proceeds from this sale as all shares are existing holdings by Mamoura. The secondary public offering will not dilute existing shareholders’ ownership. Additionally, Mamoura’s remaining shares not sold during the offering will be subject to a 90-day lock-up period, subject to typical exceptions.
Subscription for the UAE Retail Offer started on September 8, 2025, and will close on September 12, 2025. Retail investors can apply through electronic channels or bank branches with a minimum subscription of $1,360 (AED 5,000) and subsequent increments of $272 (AED 1,000). Each subscriber is guaranteed a minimum allocation of up to 500 shares subject to availability. Refunds for excess funds will be completed by September 16, 2025.
The Qualified Investor Offering opened on September 8 and will close on September 12. Settlement of shares to institutional investors will take place via the Dubai Financial Market’s direct deals system on September 16, after which the trading will commence.
