RIYADH: Dubai business park operator TECOM Group has raised $454 million by selling 625 million shares in an initial public offering. The shares were offered at 2.67 dirhams ($0.73) each, Bloomberg reported. The global offer attracted substantial demand from both qualified institutional and UAE retail investors, with a total gross demand of 35.4 billion dirhams — 21 times oversubscription. This price implies a dividend yield of approximately 6 percent, as well as a market capitalization of 13.4 billion dirhams.