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du secondary public offering

Opportunity to subscribe to the du secondary public offering on the Dubai Financial Market (DFM).

Subscriptions open from 8 September 2025

Opportunity to subscribe to the du secondary public offering on the Dubai Financial Market (DFM)

DIB acting as Receiving Bank presents you with the opportunity to subscribe to du secondary public offering.

  • UAE GDP projected to grow 4% in 2025 and average 5% through 2027 (IMF).
  • Digitally savvy, young population (79% under 44) and population growth from 1M in 1980 to 10.7M in 2023.

Digital Economy Strategy targets doubling digital GDP to 19% by 2031; smart infrastructure and tourism provide further support.

The Subscription period for the offering starts on Monday, 8 September 2025, and will run until 12:00 PM on Friday, 12 September 2025. The price range has been set between AED 9.00 and AED 9.90 per share, representing a discount of 9.1% at the lower end of the price range compared with du’s closing share price on Thursday, 4 September 2025.

Investment highlights

Strong and growing market position

  • The UAE telecommunications market is sizeable, generating AED 50B+ in estimated total revenue in 2024, with mobile service revenues accounting for approx. AED 19B and fixed-line service revenues accounting for approx. AED 16B.

The Group’s focus on the UAE positions it well to respond to the needs of its home market.

Single-market strategy with localised execution

  • UAE-focus enables customer-centric solutions, capital efficiency and reduced complexity.
  • Aligned with national priorities like “Projects of the 50” and “We the UAE 2031”.
  • Strategic pillars include: growing the core business by targeted product innovation, expansion into data centre/cloud/FinTech, state of the art technology and digital-first customer experience.

Expanding core telecoms and adjacent services

  • As at 30 June 2025, 9.10M+ mobile subscribers, driven by tailored bundles and enterprise mobility, success of Alo and expansion of retail presence.
  • As at 30 June 2025, 12.8% increase in its fixed customer base to 706,000, with 76,000 net-additions over the preceding 12 months.
  • Home Wireless and fibre broadband driving fixed-line growth and subscriber net additions.

Adjacency growth through du Tech’s ICT expansion, sovereign-grade cloud services, and du Pay’s growth.

Strong financial growth (H1 2025)

  • Revenue grew 8% YoY to AED 7.8B.
  • Net profit up 22% YoY to AED 1.4B.

Operating free cash flow reached AED 2.7B, up +16% YoY.

Solid balance sheet and track record of high shareholder distributions and value creation

  • Unleveraged balance sheet supports investment in growth and shareholder distributions.
  • Uninterrupted dividends since 2012, with record 2024 dividend of AED 0.54 per share, up 59% YoY.

Consistently increased dividend per share and dividend payout over the past three years, from AED 0.24 in 2022 (89% payout) to AED 0.54 in 2024 (98% payout), reflecting a 50.0% CAGR

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Important Dates

Key DatesIPO Milestone
8 September 2025Retail Subscription Period Starts
12 September 2025 Retail Subscription Period Ends
15 September 2025Announcement of Final Offer Price and Allocation
16 September 2025[Newly Acquired] Shares Available for Trading

For T&Cs, click here

Disclaimer: This announcement has not been reviewed or approved by the SCA, or any regulator in the UAE or elsewhere, does not form part of the Prospectus, and should not be considered an offer of securities in any jurisdiction. Any decision to invest in the shares should be based solely on the information in the Prospectus.

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