Shares of Dubai-based business parks operator TECOM Group, was trading 6 percent lower at 2.51 dirhams ($0.68) nearly two hours after its debut on the Dubai Financial Market on Tuesday morning.

The stock, which listed at 2.67 dirhams, is trading under the symbol “TECOM”.

TECOM raised 1.7 billion from an IPO last month, that was 21 times oversubscribed.

The UAE retail tranche of the deal was 40 times oversubscribed, making it the highest oversubscription multiple for listings on the DFM. It sold 625 million shares, or 12.5 percent of issued share capital.

Meanwhile, in a statement to DFM on Tuesday, TECOM said it made a profit of 190 million dirhams for Q1-2022, compared with 144 million in the year-ago period.

(Writing by Brinda Darasha; editing by Seban Scaria)