UAE construction and engineering company Alec Holdings has raised Dh1.4 billion ($381.2 million) from its initial public offering on the Dubai Financial Market, setting the price range at the top end of its float.
The company set the price at Dh1.40 per share, with the offering oversubscribed more than 21 times, the Dubai-based company said on Wednesday. The IPO recorded “one of the highest levels of non-UAE investor participation among recent UAE government-related listings on the DFM”, the company said.
The pricing implies a market capitalisation of Dh7 billion at the time of its listing.
The Investment Corporation of Dubai, the principal investment arm of the Dubai government, is currently the biggest shareholder of Alec and sold one billion ordinary shares, which equals 20 per cent of the company’s share capital.
The company expects its shares to start trading on the DFM on or around October 15, under the ticker “ALEC”.
The response to the IPO was a “clear vote of confidence” in the company, Barry Lewis, chief executive of Alec Holdings, said.
“The strong response also signals broader investor conviction in the region’s construction sector, underpinned by ambitious national agendas and a strong pipeline of transformational projects,” he said.
Alec had reserved 10 per cent of offered shares for the Emirates Investment Authority and the Pensions Social Security Fund of Local Military Personnel.
Both entities were entitled to subscribe to 5 per cent each of the reserved quota, however, if unsubscribed, those shares were to be offered to other professional investors, the company said last week.
The company is expected to distribute a cash dividend of Dh200 million in April 2026. It will also pay a dividend of Dh500 million for the 2026 financial year, with the first payment in October 2026 and the second payment in April 2027.
Founded in 1999, Alec became a subsidiary of ICD in 2017 and, along with its core construction business, offers services spanning fitout, mechanical, electrical and plumbing, modular construction, data centre solutions, energy solutions, technology, facades, renewables and equipment rental.
It has projects across the UAE and Saudi Arabia, including One Za’abeel, a mixed-use development in Dubai; indoor theme park SeaWorld Abu Dhabi; and Dubai Hills Mall.
The company last week said its revenue rose 56 per cent annually in the first half of the year to Dh5.36 billion, with net income reaching Dh239 million.
As of June-end, Alec’s pipeline of large-scale projects stood at Dh35.4 billion, with 79 per cent of the current backlog secured in the past two years.
Alec's public offering is the latest among a string of IPOs in the UAE's capital markets on strong investor demand as well as government efforts to boost the equity markets.
There were seven IPOs across the country last year, including by Talabat Holding, retailer Lulu Group, ADNH Catering, NMDC Energy and Alef Education. IPOs in the UAE accounted for 47 per cent, or $6.2 billion, of total stock launch proceeds in the Gulf region last year, according to PwC data.
The IPO momentum continued this year with the listing of Alpha Data on ADX and Dubai Residential Reit on the DFM. Alpha Data, a UAE technology company, raised $163 million from its offering, while Dubai Residential Reit's IPO size reached $584 million.
Last month, Dubai Investments said it plans to list up to 25 per cent of its unit Dubai Investments Park. The company, in which ICD also holds a stake, is currently in discussions with banks on the IPO, it said in a statement to the DFM.
Across the wider Gulf, $2.3 billion was raised from four IPOs in the second quarter of this year, a slight decrease from $2.6 billion raised from eight listings in the same period last year, according to PwC.
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
Company%C2%A0profile
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Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
RESULT
Copa del Rey, semi-final second leg
Real Madrid 0
Barcelona 3 (Suarez (50', 73' pen), Varane (69' OG)
First Person
Richard Flanagan
Chatto & Windus
The years Ramadan fell in May
Key developments in maritime dispute
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
Genesis G80 2020 5.0-litre Royal Specs
Engine: 5-litre V8
Gearbox: eight-speed automatic
Power: 420hp
Torque: 505Nm
Fuel economy, combined: 12.4L/100km
Price: Dh260,500
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Vaccine Progress in the Middle East
MATCH INFO
Final: England v South Africa, Saturday, 1pm
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).
5.30pm: Handicap (PA) Dh90,000 1,400m
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.
6pm: Handicap (TB) Dh100,000 1,400m
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.
7.30pm: Maiden (PA) Dh80,000 2.200m
Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.
