DUBAI: TECOM Group's initial public offering (IPO) is heavily oversubscribed at the top of its share price range, suggesting the Dubai business park operator could raise 1.67 billion dirhams ($455 million), a document seen by Reuters showed.

TECOM Group, which is owned by the investment vehicle of Dubai's ruler, is selling 625 million shares or a 12.5% stake, in an IPO priced at 2.46-2.67 dirham per share.

The selling shareholder is Dubai Holding Asset Management.

Any orders below 2.67 dirham per share risk missing subscription, the document from one of the bookrunners said.

The Dubai government announced an initiative last November to list 10 state-linked companies.

Dubai business park operator TECOM plans July listing

In April, listed power utility DEWA in a $6.1 billion deal that was the region's largest since Saudi Aramco's record IPO of $29.4 billion.

In recent years Dubai's stock market has lagged peers in Abu Dhabi and Saudi Arabia after a series of high-profile state listings on those exchanges.

Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, Morgan Stanley and UBS AG are joint global coordinators and joint bookrunners for TECOM.