ALEC Holdings Makes Market Debut on 15 October 2025 After Oversubscribed IPO
ALEC Holdings PJSC is set to make its market debut on 15 October 2025, pending regulatory clearances. The Initial Public Offering (IPO) has been confirmed as Shariah-compliant, with Emirates NBD Capital and J.P. Morgan acting as joint global coordinators. The IPO was oversubscribed, attracting AED30 billion ($8.1 billion) in orders.
The IPO valued ALEC at AED7 billion ($1.91 billion) upon listing on the Dubai Financial Market (DFM). ALEC raised AED1.4 billion ($381 million) by selling one billion shares at AED1.40 each, representing 20 percent of its share capital. Investment Corporation of Dubai retained an 80 percent stake post-IPO.
The offering received overwhelming response, with orders exceeding the available shares by more than 21 times. Notably, non-UAE investors showed high participation. ALEC has committed to a dividend policy, starting with AED200 million in April 2026, followed by AED500 million for the year, translating to a 7.1 percent yield at listing. ALEC's CEO Barry Lewis attributed the strong response to confidence in the company's operating model and the wider construction sector.
ALEC's IPO, priced at AED1.40 per share, was a resounding success, with shares expected to begin trading under the symbol 'ALEC' on 15 October 2025. The company's commitment to a dividend policy and the strong investor response indicate optimism in ALEC's future prospects.
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