ALEC Holdings debuts on DFM in UAE’s largest-ever construction IPO

New IPO underscores Dubai's position as a leading global investment hub and the Emirate's strategic drive to diversify its capital markets across priority sectors

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Dubai Financial Market (DFM) welcomed the successful debut of ALEC Holdings, a diversified engineering and construction group headquartered in Dubai.

The listing marks the UAE's largest-ever initial public offering (IPO) in the construction sector, by both valuation and size, and the first in the sector in over 15 years. It underscores Dubai's position as a leading global investment hub and the Emirate's strategic drive to diversify its capital markets across priority sectors.

The Company's successful debut on the DFM follows the completion of a fully subscribed initial public offering (IPO), which raised Dhs 1.4 billion ($381 million) through the sale of I billion existing ordinary shares by the Selling Shareholder, the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai.

The offering represented 20 per cent of the Company's issued share capital.

Following the listing, the Investment Corporation of Dubai (ICD), ALEC's sole selling shareholder, retains an 80 per cent stake in the Company.