Core Viewpoint - ALEC Holdings, a Dubai-based engineering and construction group, plans to list 20% of its share capital on the Dubai Financial Market through an IPO, with the offering opening on September 23 and closing on September 30 [2][3]. Group 1: IPO Details - The Investment Corporation of Dubai (ICD) will sell one billion shares in the offering, retaining the right to amend the size of the offering before the end of the subscription period [3]. - Shares are expected to begin trading on or around October 15 under the ticker "ALEC" [3]. - The IPO will be open to individual subscribers, professional investors outside the United States, and eligible employees of ALEC and ICD [4]. Group 2: Company Performance - ALEC reported revenue of Dhs8.1 billion in 2024, up from Dhs6.3 billion in 2023, with H1 2025 revenue hitting Dhs5.4 billion [5]. - Net income reached Dhs363 million in 2024, compared to Dhs238 million in 2023, and the backlog stood at Dhs35.4 billion as of June 30 [5]. Group 3: Future Plans and Strategy - ALEC intends to pay a cash dividend of Dhs200 million in April 2026 and Dhs500 million for the 2026 financial year, with a minimum payout ratio of 50% of net profit thereafter [6]. - The Chairman stated that the IPO is a natural next step in ALEC's journey, emphasizing the company's strong reputation and market position [6]. - The CEO highlighted the IPO as a reflection of ALEC's growth and opportunities in the UAE and Saudi Arabia, with a clear strategy to expand its leadership in the UAE and target high-profile Saudi giga-projects [6]. Group 4: Financial Advisors - Emirates NBD Capital and J.P. Morgan are joint global coordinators and joint bookrunners for the IPO [7]. - Abu Dhabi Commercial Bank and EFG-Hermes are also joint bookrunners, while Moelis & Company UK LLP DIFC Branch serves as an independent financial adviser [8].