ALEC Holdings prices $381m Dubai IPO at top of range, raises Dhs1.4bn

Image: ALEC Holdings ALEC Holdings, the Dubai-based engineering and construction group, priced its initial public offering (IPO) at the top of the indicated range, raising Dhs1.4bn ($381m) in the UAE’ largest construction sector IPO to date.The company sold one billion shares at Dhs1.40 each, implying a market capitalisation of Dhs7bn ($1.91bn) at listing, ALEC said in a statement.The sale represents 20 per cent of the company’s share capital, all offered by the Investment Corporation of Dubai (ICD), which ...