Axiom Telecom, the UAE telecom equipment vendor, is considering an IPO on Nasdaq Dubai. If the board goes ahead with a floatation, this would be the first IPO on the fledgling exchange since Damas, the jewellers, in 2008.
Axiom has mandated Deutsche Bank…
Axiom Telecom, the UAE telecom equipment vendor, is considering an IPO on Nasdaq Dubai. If the board goes ahead with a floatation, this would be the first IPO on the fledgling exchange since Damas, the jewellers, in 2008.
Axiom has mandated Deutsche Bank to organise the IPO. A person familiar with the process told TelecomFinance that the deal is expected to net in the region of US$300m.
As TelecomFinance went to press, the board of Axiom were meeting to analyse the due diligence process and will be announcing their next move imminently.
Axiom has very little debt on its books. It had arranged a US$400m revolver, which was its first foray into the international capital markets, but paid this off last year. Tecom Investments, part of sovereign wealth fund Dubai Holdings, owns 40% of Axiom. Dubai Holdings is restructuring its portfolio of investments to raise capital -generating some cash from a quick IPO would be quite attractive to the SWF.
