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Construction firm Alec is moving forward with its planned IPO, with Dubai’s main investment entity appointing Emirates NBD Capital and JPMorgan Chase as advisors, Bloomberg reports, citing people familiar with the matter. The Investment Corporation of Dubai (ICD) also tapped Moelis & Co to advise on the IPO, which could take place as soon as in 2H 2024, according to the unnamed sources. The exact size and timing of the listing are still under discussion, the sources said.
REMEMBER- ICD had held preliminary discussions regarding a potential IPO of Alec in March.
Alec’s IPO would mark Dubai’s third IPO of the year, and the seventh company to list on the Dubai bourse as part of the government’s privatization plan to list 10 state-owned companies on the bourse. Parkin debuted on the DFM in March, raising AED 1.57 bn.
There’s more in the pipeline: Amanat Holdings is reportedly looking to list either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year. Meanwhile, shisha producer Advanced Inhalation Rituals was said to be eyeing an IPO in 1H 2024. Over on the ADX, edtech firm Alef Education, Etihad Airways, and supermarket chain LuLu group have each tapped banks to advise on their transactions.
