Dubai business park operator TECOM Group has raised 1.7 billion dirhams ($463 million) after setting the final offer price at the top of the indicated range, 2.67 dirhams ($0.73) per share.

The offering attracted 35.4 billion dirhams, implying an oversubscription level of over 21 times in aggregate at the final price, TECOM said in a statement.

"Investors’ strong appetite is underpinned by their optimism toward Dubai’s economy and confidence in the Emirate’s capital markets," said Malek Al Malek, Chairman of TECOM Group.

TECOM sold 625 million shares, or 12.5 percent of issued share capital.

It operates ten business parks and districts across the emirate, including Dubai Internet City, Dubai Outsource City and Dubai Media City.

 (Writing by Brinda Darasha; editing by Seban Scaria)