Axiom Telecom, a UAE-based mobile phone retailer, unit of conglomerate Dubai Holding, is planning to launch an initial public offering for listing on NASDAQ Dubai.

Deutsche Bank is the sole authorized arranger on the deal. According to the sources, the Dubai-based distributor could offer a 30% stake on Nasdaq Dubai, the emirate’s international exchange, in the fourth quarter in what would be the country’s first IPO in more than two years.

The mobile phone distributor has been eyeing a public offering since 2005. The deal is expected to be announced next week. Tecom Investments, a part of Dubai Holding Commercial Operations Group (DHCOG), owns 40% of Axiom.

Dubai Holding is owned by the ruler Sheikh Mohammed bin Rashid Al Maktoum, who is  looking to reorganize elements of its US$12 billion in debts as the emirate looks to clean up its balance sheet after reaching near-agreement on the extension of maturities at Dubai World.

According to the sources, Deutsche Bank, Citigroup and Shuaa capital, which are controlled by Dubai Holding, are managing the share sale, which was expected to have been announced formally next week.

The governments of Abu Dhabi and Dubai are also thinking about a merger between the DFM and Abu Dhabi Exchange to create a national bourse.