Dubai - Mubasher: The final price for ALEC Holdings’ initial public offering (IPO) has been set at AED 1.40 per share, according to a press release.
The group plans to trade 1 billion shares on the Dubai Financial Market (DFM), equivalent to 20% of its share capital.
ALEC has successfully raised AED 1.40 billion ($381 million), implying a market cap of AED 7 billion ($1.91 billion) upon listing on the DFM.
This marks the UAE’s largest ever construction IPO in terms of both valuation and size and the first IPO in the sector in over 15 years.
Barry Lewis, CEO of ALEC Holdings, said: “We are proud that ALEC’s IPO drew strong demand and significant interest from a diverse and high-quality investor base. This is a clear vote of confidence in ALEC’s distinct value proposition and disciplined operating model.”
“The strong response also signals broader investor conviction in the region’s construction sector, underpinned by ambitious national agendas and a strong pipeline of transformational projects,” Lewis added.
Last September, the company set the price range for its IPO between AED 1.35 and AED 1.40 per share.
