Axiom Telecom aims to raise $382 million in IPO

DUBAI: Mideast mobile phone retailer Axiom Telecom is seeking to raise as much as $382 million in the UAE's first initial stock offering this year.

The Dubai-based company said Sunday it plans to offer shares at a price of 80 cents to $1.15 apiece on the Nasdaq Dubai stock exchange. They will be sold only to institutional investors such as banks.

It is selling up to 332.4 million shares, representing as much as a 35 percent stake in the company.

Axiom sells cell phones in the UAE, Saudi Arabia and other Gulf Arab countries.

It is controlled by family firm al-Bannai Investment. Dubai Holding, a company owned by Dubai's ruler, holds a 40 per cent stake.