{"id":107515,"date":"2025-09-16T00:00:00","date_gmt":"2025-09-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/mubadala-wraps-aed-3-2-bn-du-follow-on-offering\/"},"modified":"2025-09-16T00:00:00","modified_gmt":"2025-09-16T00:00:00","slug":"mubadala-wraps-aed-3-2-bn-du-follow-on-offering","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/09\/16\/mubadala-wraps-aed-3-2-bn-du-follow-on-offering\/","title":{"rendered":"Mubadala wraps AED 3.2 bn du follow-on offering"},"content":{"rendered":"

Du\u2019s <\/strong>newly placed secondary shares are due to hit the DFM at <\/strong>the opening bell today<\/strong>, after Mubadala subsidiary Mamoura wrapped an AED 3.15 bn selldown priced at AED 9.20 apiece, according to a bourse disclosure (pdf)<\/a>. <\/p>\n

The offering, which <\/strong>kicked off last week<\/a><\/strong>, was priced at the lower end of the <\/strong>AED 9-9.9 range du was guiding on despite closing \u201cmultiple times oversubscribed\u201d<\/strong> with strong demand across retail, institutional and international investors. The final offer price implies a market cap of AED 41.7 bn at listing, according to our calculations. It\u2019s also a 6.1% discount to its close on Friday. <\/p>\n

REFRESHER- <\/strong>The sale saw Mubadala\u2019s debt issuing arm and du\u2019s only selling shareholder Mamoura float an additional 342.1 mn shares \u2014 good for a <\/span>7.6% stake<\/a> \u2014 in the Dubai-based telco, around six months after news of Mubadala\u2019s plans to pare down its stake in the company first surfaced. Before the transaction, Mubadala held a 10% interest in du via Mamoura.<\/span><\/p>\n

The move brings du\u2019s <\/strong>freefloat<\/strong> to 27.7%<\/strong>, paving the way for future MSCI and FTSE inclusion \u2014 potentially boosting liquidity and broadening the company\u2019s international investor base. Du will not receive any proceeds from the sale. <\/p>\n

This is the first fully-marketed secondary share offer in the UAE<\/strong>, according to the release. The roadshow-style transaction was marketed to both retail and institutional investors at home and abroad. Secondary sell-downs in the region are typically handled via accelerated bookbuilds targeted overnight to institutional buyers. <\/p>\n

Emirati firms raised almost <\/strong>USD 4.75 bn<\/a><\/strong> from follow-on offerings so far this year<\/strong>, nearly tripling 2024 volumes and far outpacing IPO proceeds of just USD 905 mn. State-linked players are leading the charge as they seek to broaden their holdings\u2019 investor bases, secure global index inclusion, and draw in global capital. September alone has seen a flurry of activity: Mubadala\u2019s du selldown follows Adnoc\u2019s<\/a> secondary sales of stakes in its gas and logistics units earlier this year, and comes as AI firm G42 prepares an accelerated sale of about 2% of Presight AI<\/a>.<\/p>\n

ADVISORS-<\/strong> First Abu Dhabi Bank, Emirates NBD Capital, Goldman Sachs, and Abu Dhabi Commercial Bank are acting as joint lead managers, with Linklaters, Clifford Chance, White and Case, and Al Tamimi and Co providing counsel. Emirates NBD is the lead receiving bank, with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Maryah Bank Community Bank, Dubai Islamic Bank, Emirates Islamic Bank, FAB, and Wio Bank also acting as receiving banks.<\/p>\n

Market reax: <\/strong>Du\u2019s shares were up 0.1%, trading at AED 9.81 per share at market close yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the first fully-marketed secondary share offer in the UAE<\/p>\n","protected":false},"author":1,"featured_media":107516,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1547],"tags":[29,130,1468,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-107515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-dfm","tag-du","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"4a2d1d12-66e4-4d8a-acd4-08faa9eb309e","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1593.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mubadala wraps AED 3.2 bn du follow-on offering","related_issue":[107508],"teaser":"This is the first fully-marketed secondary share offer in the UAE","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/9\/.87ad27e0-c568-40c7-bf19-7e8c6ff3f138.mp3"},"yoast_head":"\nMubadala wraps AED 3.2 bn du follow-on offering - 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