Dubai — Construction and engineering behemoth ALEC Holdings fixed the price range for its initial public offering (IPO) at Dh1.35–1.40 per share, as Dubai drives ahead with one of the most highly anticipated listings this year.
The IPO, equating to 20% of ALEC's capital or one billion shares, was launched on September 23 and will continue until September 30. The closing price will be determined on October 1 and the company is set to list on the Dubai Financial Market (DFM) on October 15.
Parent firm Investment Corporation of Dubai (ICD) will hold back an 80% stake for a 180-day lock-up. Institutional investors have been allocated 94% of the offered shares, retail buyers 5%, and 1% for ALEC staff. Emirates Investment Authority and the Local Military Personnel Pensions and Social Security Fund have been allocated 5% priority rights each.
The offer highlights Dubai IPO momentum after successful debuts by Salik and Spinneys, and provides investors with access to one of the region's top contractors.
