UAE-based construction and engineering firm Alec Holdings has set a price range for its IPO, announcing the start of its subscription period as well, as per an official release by the Government of Dubai’s Media Office. The update comes a week after the firm put out an official prospectus.
The company’s IPO will be the first debut of a firm in the construction sector after the liquidation of Arabtec, a publicly listed construction firm that went public in 2006 and was forced to declare bankruptcy after the core business was severely impacted by COVID-19.
The price range for the offering is now fixed between AED 1.35 and AED 1.40 per share. In line with initial announcements, ALEC Holdings will be distributing 1 billion shares through its public offering—which at the current price range means it will be aiming to raise roughly AED 1.4 billion ($382 million).
The company plans to pay a total dividend of AED 500 million for the fiscal year ending 31st December 2026
Investment Corporation of Dubai (ICD) is currently the sole stakeholder and, after the sale of shares, will maintain an 80% stake in the company.