du IPO oversubscribed by 167%

Dubai: The initial public offering of du, the UAE's second telecom operator, has been oversubscribed by 167 per cent, reaching Dh400 billion, more than the country's GDP.

More than 225,000 investors have applied for shares including about 15,000 UAE national teachers, who will each get 3,000 shares.

This is the highest volume pulled by any company in the history of IPOs in the UAE. The previous highest was Aabar IPO, oversubscribed by 800 times to gross Dh394 billion, closely followed by Aldar Properties, that closed at Dh377.5 billion, oversubscribed by 448 times.

The recent Dana Gas IPO was oversubscribed by 130 times to gross Dh280 billion.