ALEC IPO Dubai successfully raised Dh1.4 billion ($381 million) by pricing shares at Dh1.40 each, hitting the top of its offering range.
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ALEC IPO Dubai successfully raised Dh1.4 billion ($381 million) by pricing shares at Dh1.40 each, hitting the top of its offering range.
ALEC IPO Dubai successfully raised Dh1.4 billion ($381 million) by pricing shares at Dh1.40 each, hitting the top of its offering range. The engineering and construction giant secured overwhelming demand, with total orders exceeding 21 times the offered shares, valuing the company at Dh7 billion ($1.91 billion) upon its debut on the Dubai Financial Market (DFM).
The IPO, representing 20% of ALEC Holdings PJSC’s share capital, involved the sale of one billion shares solely owned by the Investment Corporation of Dubai (ICD), which retains an 80% stake post-listing. The offering drew Dh30 billion ($8.1 billion) in orders, showcasing extensive interest from both UAE and international investors, marking one of the highest non-UAE investor participations in recent government-related DFM listings.
This IPO stands as the UAE’s largest in the construction sector by size and valuation, and the first major listing in over 15 years. CEO Barry Lewis highlighted that this strong investor confidence reflects the region’s ambitious national development agendas and a robust pipeline of transformational projects fueling growth.
ALEC plans to initiate dividend payments starting in 2026 with Dh200 million scheduled for April and Dh500 million for the financial year, split into semi-annual payments. Based on the IPO price, this translates to an attractive dividend yield of 7.1%, with future dividends set at a minimum payout of 50% of net profits, pending board approval.
The company is scheduled to begin trading under the ticker ‘ALEC’ around October 15, 2025, marking a significant milestone for Dubai’s construction market and public investment opportunities.
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