Secondary Public Offering of du Shares

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du’s Investment Proposition

du is a leading UAE telecoms and digital services provider, with a single market focus and a clear strategy to drive growth in core connectivity services and high growth adjacencies. It is leading the way into a digitally enabled tomorrow.
Retail Subscription Period Starts
8 September 2025
Retail Subscription Period Ends
12 September 2025
Announcement of Final Offer Price and Allocation
15 September 2025
Shares Available for Trading
16 September 2025
Market
DFM
Read Prospectus

Key Facts & Figures

du benefits from supportive UAE macroeconomic environment

  • 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.

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.
  • du has successfully increased its subscriber base and market share in both mobile and fixed.

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 other adjacent areas

  • As at 30 June 2025, 9.10M+ mobile subscribers growing by 10.8%, driven by tailored bundles and enterprise mobility, success of Alo and expansion of retail presence.
  • As at 30 June 2025, 12.0% increase in its fixed customer base to 0.7M+, driven by Home Wireless and fibre broadband.
  • Adjacency growth through du Tech’s ICT expansion, sovereign-grade cloud services, and du Pay’s growth.

  • Revenue grew 8% YoY to AED 7.8B.
  • EBITDA rose 16% YoY to AED 3.7B with margin of 47%.
  • 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.

  1. Log in to ENBD X and select "Transfer/Pay".
  2. Scroll down to "Payments" select "IPO subscription".
  3. Select IPO name.
  4. Select Category/Tranche.
  5. Enter your Investor Number.
  6. Agree to the “Terms and Condition”.
  7. Select broker name and input the amount.
  8. Review the details on Summary screen.
  9. Authorize the transaction using your smart pass PIN.
  10. You’ll receive IPO payment confirmation along with the reference and application number.

  1. Insert your debit card and enter your PIN number
  2. Select IPO subscription option in the main screen and select IPO name
  3. Enter your Investor Number
  4. Select the account from which the funds need to be debited
  5. Enter the amount to invest / number of shares
  6. Select the broker if any
  7. You’ll get a confirmation with the IPO application and reference numbers

S.No Branch Name Area Working Hours IPO Subscription Hours Location Contact
1 Jumeirah Branch Dubai Monday to Thursday
(8:00 AM - 2:00 PM)
Friday
(7:30 AM - 12:15 PM)
Saturday
(8:00 AM - 2:00 PM)
Monday to Thursday
(8:00 AM - 1:00 PM)
Friday
(7:30 AM - 11:15 PM)
Saturday
(8:00 AM - 1:00 PM)

Emirates NBD Building, Al Wasl Rd Intersection, Umm Suquiem 3, Jumeirah, Dubai
800 3623 476
2 Al Qusais Branch Dubai Monday to Thursday
(8:00 AM - 2:00 PM)
Friday
(7:30 AM - 12:15 PM)
Saturday
(8:00 AM - 2:00 PM)
Monday to Thursday
(8:00 AM - 1:00 PM)
Friday
(7:30 AM - 11:15 PM)
Saturday
(8:00 AM - 1:00 PM)

Damascus St, Near Dubai Grand Hotel, Al Qusais, Dubai
800 3623 476
3 Abu Dhabi Main Branch Abu Dhabi Monday to Friday
(8:00 AM - 3:00 PM)
Monday to Friday
(8:00 AM - 1:00 PM)

Ground Floor, Al Neem Building, Shaikh Khalifa street , Abu Dhabi
800 3623 476
4 Al Muroor Branch Abu Dhabi Monday to Saturday
(8:00 AM - 8:00 PM)
Monday to Saturday
(8:00 AM - 1:00 PM)

New Airport Road, Muroor, Abu Dhabi
800 3623 476
5 Al Ain Main Branch Abu Dhabi Monday to Thursday
(8:00 AM - 2:00 PM)
Friday
(7:30 AM - 12:15 PM)
Saturday
(8:00 AM - 2:00 PM)
Monday to Thursday
(8:00 AM - 1:00 PM)
Friday
(7:30 AM - 11:15 PM)
Saturday
(8:00 AM - 1:00 PM)

Sheikh Khalifa Bin Zayed St, (in front of Burjeel Hospital), Al Ain
800 3623 476
6 Ajman Branch Ajman Monday to Thursday
(8:00 AM - 2:00 PM)
Friday
(7:30 AM - 12:15 PM)
Saturday
(8:00 AM - 2:00 PM)
Monday to Thursday
(8:00 AM - 1:00 PM)
Friday
(7:30 AM - 11:15 PM)
Saturday
(8:00 AM - 1:00 PM)

Emirates NBD Building, Sheikh Rashid Bin Humaid St, Al Sawan, Ajman
800 3623 476