The Dubai-based construction and engineering firm ALEC Holdings has set its IPO price range between 1.35 UAE dirhams ($0.367) and 1.40 dirhams ($0.40) per share, ahead of its public listing. This positions the company with a market capitalisation of AED 7 billion ($1.91 billion) at the top of the range.
A total of one billion ordinary shares, representing 20% of ALEC’s share capital, will be offered in the IPO, with the selling shareholder, the Investment Corporation of Dubai (ICD), retaining the right to increase the size of the offering. Following the IPO, ICD will continue to hold an 80% stake in the firm.
Subscriptions for the first, second, and third tranches open today for individual investors, general subscribers, and eligible ALEC and ICD employees, and will close on 30 September 2025. The final offer price will be set through a book-building process and is expected to be announced on 1 October 2025, with trading scheduled to begin on 15 October 2025.
ALEC plans to distribute a cash dividend of AED 200 million in April 2026, followed by AED 500 million for FY 2026 in October 2026 and April 2027.
Emirates NBD Capital and JP Morgan Securities are serving as joint global coordinators and bookrunners, while Abu Dhabi Commercial Bank and EFG-Hermes UAE Limited, alongside EFG Hermes UAE LLC, act as joint bookrunners. Moelis & Company UK LLP DIFC Branch has been appointed as independent financial adviser.
Separately, Dubai developer Binghatti Holdings is reportedly considering an IPO, with Five Holdings also planning a potential offering later this year.
