ALEC Holdings, a Dubai-based engineering and construction group, has announced plans to list 20% of its share capital on the Dubai Financial Market (DFM) via an Initial Public Offering (IPO). The offering is scheduled to open on September 23, 2025, and will close on September 30, 2025.
The Investment Corporation of Dubai (ICD), the sole shareholder of ALEC Holdings, will sell one billion shares as part of the IPO. While the offering size is fixed for now, ICD retains the right to amend it before the subscription period ends, subject to regulatory approval from the Securities and Commodities Authority (SCA).
Key Details:
- IPO Opening Date: September 23, 2025
- IPO Closing Date: September 30, 2025
- Shares Expected to Begin Trading: October 15, 2025, under the ticker symbol ALEC
- Shares Offered: 20% of ALEC Holdings’ share capital
- Sale of Shares: One billion shares by ICD
Shariah Compliance
The Internal Shariah Supervision Committee of Emirates NBD Bank has confirmed that the offering complies with Shariah principles, ensuring it aligns with Islamic financial guidelines.
Eligible Subscribers
- Individual Subscribers
- Professional Investors Outside the United States
- Eligible Employees of ALEC and ICD
Following the IPO, ICD will retain 80% of ALEC Holdings’ issued share capital, assuming all shares are sold.
About ALEC Holdings
Founded in 1999 and acquired by ICD in 2017, ALEC has been a prominent player in large-scale construction and energy projects across the UAE and Saudi Arabia. Notable projects include One Za’abeel in Dubai, SeaWorld Abu Dhabi, and Dubai Hills Mall.
In 2024, ALEC posted revenue of Dhs 8.1bn, a 28% increase from Dhs 6.3bn in 2023, and net income of Dhs 363m, up from Dhs 238m in 2023. For H1 2025, the company reported revenue of Dhs 5.4bn.
Dividends
ALEC plans to distribute a cash dividend of Dhs 200m in April 2026 and Dhs 500m in October 2026 and April 2027. Going forward, ALEC expects to pay dividends semi-annually, with a minimum payout ratio of 50% of net profit.
Statements from Leadership
Chairman Hussain Nasser Lootah expressed that the IPO is a natural progression in ALEC’s growth, emphasizing its strong reputation in the region. CEO Barry Lewis highlighted the company’s ongoing expansion strategy, particularly focusing on leadership in the UAE and high-profile projects in Saudi Arabia.
Advisory and Coordination
- Joint Global Coordinators and Bookrunners: Emirates NBD Capital and J.P. Morgan
- Joint Bookrunners: Abu Dhabi Commercial Bank and EFG-Hermes
- Independent Financial Adviser: Moelis & Company UK LLP DIFC Branch
For more details, visit the official ALEC Holdings website or consult your financial advisor for participation in the upcoming IPO.
