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The Dubai-based construction and engineering firm ALEC Holdings has shared its price range between 1.35 UAE dirhams ($0.367) and 1.40 dirhams ($0.40) per share, ahead of its IPO.
This implies a market capitalisation of AED 7 billion ($1.91 billion) at top of the range.
A total of one billion ordinary shares, equivalent to 20% of ALEC’s share capital, will be offered in the IPO, with the selling shareholder, the Investment Corporation of Dubai (ICD), reserving the right to increase the size of the offering.
Following the IPO, the ICD will retain an 80% stake in ALEC.
The subscription for the first, second and third tranches opens today for individual subscribers, investors, and eligible ALEC and ICD employees, and closes on 30 September 2025.
The final offer price will be determined through a book-building process and is expected to be announced on 1 October 2025, with the trading date expected as 15 October 2025.
ALEC is expected to distribute a cash dividend of AED 200 million in April 2026 and a cash dividend of AED 500 million for FY 2026 in October 2026 and April 2027.
Emirates NBD Capital and JP Morgan Securities have been appointed as joint global coordinators and joint bookrunners, and Abu Dhabi Commercial Bank and EFG-Hermes UAE Limited are acting in conjunction with EFG Hermes UAE LLC as joint bookrunners.
Moelis & Company UK LLP DIFC Branch has been appointed as independent financial adviser.
Dubai developer Binghatti Holdings is considering an IPO, according to Bloomberg, with Five Holdings also planning a potential offering later this year, according to reports.
(Writing by Bindu Rai, editing by Seban Scaria)
