Axiom to launch IPO

14 October 2010

Dubai-based mobile phone retailer, Axiom has said it plans to launch an initial public offering of up to 35% of its shares and to list its shares on NASDAQ Dubai. Net proceeds from the primary offering are to be used for repaying a portion of Axiom's existing bank debt, as well as for other general corporate purposes. The offering is expected to complete by the end of 2010, subject to prevailing market conditions and regulatory approval, Axiom said.

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