Construction and engineering firm ALEC Holdings’ shares are now listed on the DFM for trading, following the company’s highly subscribed IPO period, which saw it raise a total of AED 1.4 billion, at a price of AED 1.4 per share, as per an official release by the Government of Dubai’s Media Office.
The update comes as Dubizzle is moving ahead with its own IPO schedule, with plans to offer a 30.34% stake.
“Today marks a proud and defining milestone in ALEC’s journey,” said ALEC Holdings CEO Barry Lewis. He also said the firm’s listing reflects over two decades of stable growth.
The company’s shares have started trading under the ticker symbol “ALEC”. Shares opened at AED 1.41 and traded to a high of AED 1.47, which is 5% above the IPO price. They reached a peak of AED 1.50 before selling pressure, according to Zawya.
The Investment Corporation of Dubai sold a total of 1 billion shares in the offering, which was a 20% stake in the company, giving it a market capitalization of AED 7 billion upon listing. Before the sale, they were the sole shareholder of ALEC Holdings.