Emirates Integrated Telecommunications Company (du) has successfully completed its secondary public offering, setting the final price at Dh9.20 per share, the company announced on Monday.
The offering, launched by Mamoura Diversified Global Holding—a subsidiary of Mubadala Investment Company—saw the sale of 342.084 million shares, representing 7.55% of du’s share capital. At the final offer price, the transaction will generate approximately Dh3.15 billion in gross proceeds for the selling shareholder upon settlement.
Fahad Al Hassawi, chief executive officer of du, described the offering as a milestone in the company’s capital markets journey. “The successful completion of our secondary public offering marks another important step in strengthening du’s capital markets profile. The offering increases du’s free float to 27.7 per cent, enhancing trading liquidity, broadening access to a wider base of investors,” he said.
Al Hassawi added that the strong participation underscored investor confidence in du’s growth strategy, operational performance, and role in advancing the UAE’s digital transformation. “This successful transaction is also a testament to our unwavering dedication to driving long-term value creation for our shareholders,” he noted.
By boosting liquidity, du also aims to position itself for potential inclusion in major international indices such as MSCI, which would further enhance its visibility and presence in global capital markets.
The transaction marked the UAE’s first fully marketed secondary public offering and attracted robust demand from both retail and institutional investors, domestically and internationally. According to the company, the order book was multiple times oversubscribed, reflecting strong appetite for the stock.
The offering was divided into two tranches: 95% allocated to institutional investors and 5% reserved for retail participants. Each retail investor is guaranteed a minimum allocation of 500 shares, with refunds of excess funds to be issued by September 16.
Shares from the offering will begin trading on the Dubai Financial Market (DFM) on September 16, 2025. Settlement for qualified institutional investors is scheduled to take place on September 18.
Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Goldman Sachs International acted as joint global coordinators and joint bookrunners for the transaction.
Market analysts say the successful conclusion of du’s offering highlights growing investor appetite for UAE-listed companies and underscores Dubai’s ambition to further deepen its capital markets. With du’s expanded free float, the listing is expected to attract increased international participation and boost trading activity on the DFM in the months ahead.
