Abu Dhabi’s Mubadala, a founding shareholder in Emirates Integrated Telecommunications Company (du) through its subsidiary Mamoura, is selling 7.55 per cent – or 342 million shares – of the company’s share capital (75 per cent of Mamoura’s stake) through a secondary public offering on the Dubai Financial Market, where du is listed.
The offering is open to the UAE retail investors (5 per cent), and a global offering of 95 per cent to qualified institutional investors in the UAE and various other jurisdictions outside the United States.
The price range has been set between AED9.00 to AED9.90 ($2.45-$2.7) per share. The final offer price per share will be determined through a bookbuilding process and announced on September 15.
At AED9.9 per share, Mubadala stands to gain approximately AED3,385 million ($921 million).
For du, the transaction will increase the company’s free float and contribute to the improvement of its stock liquidity. It will not receive any proceeds from the sale of the offer shares, and the offering will not result in any dilution of its ownership rights in the company.
Fahad Al Hassani, CEO du, commented: “The transaction offers a great opportunity for retail and institutional investors to participate in du’s growth story. Over the last few years, our UAE-focused strategy and efficient capital deployment have resulted in exceptional financial and operational performance and created significant value to our shareholders.
“We welcome Mamoura’s initiative, which will lead to a significant increase in du’s free float. This transaction is expected to broaden the investor base and stimulate trading liquidity, therefore providing a pathway towards inclusion in key international indices.”
Dr Bakheet Al Khateeri, CEO, UAE Investment Platform, Mubadala, added: “Mubadala plays a key role in advancing the national economic agenda, a role clearly demonstrated through nearly two decades of support for du through our subsidiary ‘Mamoura’, as a founding shareholder.
“We have contributed meaningfully to du’s transformation into a national champion – not only in the telecommunications sector, but also at the core of the UAE’s digital economy. With a strong roadmap and proven performance, du is well-positioned for its next phase of growth.
“This transaction marks a milestone for UAE capital markets, setting a new benchmark for secondary offerings in the region. It broadens investor participation and enables us to responsibly redeploy capital while supporting sustained value creation.”
The company has shown sustained top line growth and improved profitability. In the first six months of 2025, du’s revenue grew 8 per cent YoY to AED7.8 billion, while EBITDA rose 16 per cent YoY to AED3.7 billion with margin of 47 per cent. Net profit was up 22 per cent YoY to AED1.4 billion and operating free cash flow reached AED2.7 billion.
The subscription period for the UAE Retail Offer commenced at 9am (UAE time) today (September 8) and is expected to close at 12 noon (UAE time) on September 12. The minimum application size for subscribers in the UAE Retail Offer is AED5,000 with any additional application to be made in increments of AED1,000.
For Qualified Investors, the subscription period commenced today (September 8), and is expected to close at 3pm (UAE time) on September 12.
Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank and Goldman Sachs International will be the Joint Global Coordinators and Joint Bookrunners. Emirates NBD Bank has been appointed as the Lead Receiving Bank, while Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Maryah Bank Community Bank, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank and Wio Bank have also been appointed as Receiving Banks.
