ALEC raises Dh1.4b in record construction IPO

Dubai sees a construction giant go public after more than 15 years

- BY JUSTIN VARGHESE Your Money Editor

Dubai’s ALEC Holdings PJSC has priced its initial public offering (IPO) at the top of the announced range, raising Dh1.4 billion ($381 million) after demand surged to more than 21 times the shares on offer.

The engineering and construction group set its final offer price at Dh1.40 per share, valuing the company at Dh7 billion ($1.91 billion) upon listing on the Dubai Financial Market (DFM). The stock is scheduled to begin trading on or around October 15, 2025, under the ticker ‘ALEC’.

Investor appetite