ALEC Holdings, one of the UAE’s premier engineering and construction firms, has announced the price range for its highly anticipated initial public offering (IPO) at Dh1.35 to Dh1.40 per share.
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ALEC Holdings, one of the UAE’s premier engineering and construction firms, has announced the price range for its highly anticipated initial public offering (IPO) at Dh1.35 to Dh1.40 per share.
ALEC Holdings, one of the UAE’s premier engineering and construction firms, has announced the price range for its highly anticipated initial public offering (IPO) at Dh1.35 to Dh1.40 per share. The IPO, marking a significant milestone for Dubai’s capital markets, involves offering 1 billion shares, representing 20% of ALEC’s capital.
The subscription window for ALEC’s IPO opens on September 23 and closes on September 30, with the final offer price expected to be confirmed on October 1. The company’s shares are set to debut on the Dubai Financial Market (DFM) on October 15, offering investors a chance to participate in the growth of a leading state-owned contractor.
Post-IPO, the Investment Corporation of Dubai (ICD), ALEC’s parent entity, will retain an 80% stake subject to a 180-day lock-up period. The share allocation for the IPO sets aside 94% for institutional and professional investors, 5% for retail buyers, and an additional 1% reserved exclusively for ALEC employees.
The listing is supported by two government funds—the Emirates Investment Authority and the Pensions and Social Security Fund of Local Military Personnel—each holding priority rights to 5% of the offered shares. The IPO underlines Dubai’s strategy to diversify the Dubai Financial Market and to provide investors exposure to one of the region’s top contractors.
Financial advisers on this deal include Emirates NBD Capital, ADCB, and EFG Hermes as joint lead managers. Expectations are high, considering the successful aftermarket performances of recent IPOs like Salik and Spinneys.
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