ALEC Holdings, a Dubai engineering and construction company fully owned by the Investment Corporation of Dubai (ICD), will sell one billion shares representing a 20% stake in an initial public offering that could raise $400 million.
The subscription period will run from September 23 to September 30, with the IPO price to be announced on October 1. Shares are expected to start trading on the Dubai Financial Market around October 15.
Post-IPO, ICD will retain an 80% ownership in ALEC. The firm plans a cash dividend of Dh500 million for the 2026 financial year and thereafter intends to distribute dividends semi-annually with a minimum payout ratio of 50% of net profit.
ALEC has operated in Saudi Arabia since 2020 and maintains a presence in the UAE.
Emirates NBD Capital and J.P. Morgan are appointed joint global coordinators and bookrunners for the IPO.
UAE IPO activity has risen in recent years, led by both private companies and state-linked entities. Following several large listings, markets are now seeing more follow-on offerings. Market indices in the UAE have posted gains: the Dubai Financial Market General Index has risen roughly 17% this year.
