The complete guide
The Dubai Financial Market (DFM) celebrated the successful listing of ALEC Holdings PJSC, a leading diversified engineering and construction group headquartered in Dubai. The listing debut marks the first in the industry in more than 15 years and is the UAE’s largest construction IPO by both size and valuation.
In detail, the ALEC Holdings IPO DFM raised AED 1.4 billion through the sale of 1 billion existing shares by ALEC’s sole selling shareholder, the Investment Corporation of Dubai (ICD), which retains an 80% stake following the listing. Priced at AED 1.40 per share, the offering valued ALEC at AED 7 billion at listing and drew exceptional investor interest, with total subscriptions of AED 30 billion, an oversubscription of more than 21 times across all tranches.
Read the full sectionShow less
A testament to Dubai’s growing appeal to international investors and the continued diversification of its capital markets, the listing saw one of the highest levels of non-UAE investor participation among recent government-related IPOs on DFM. To mark the occasion, Barry Lewis, CEO of ALEC Holdings, rang the DFM market-opening bell alongside His Excellency Helal Al Marri, Chairman of DFM, and Hamed Ali, CEO of DFM and Nasdaq Dubai.
In addition, Lewis stated:
“Today marks a proud and defining milestone in ALEC’s journey. Our listing on the Dubai Financial Market reflects over two decades of steady growth, operational excellence, and a steadfast commitment to delivering complex, high-quality projects that define skylines and advance transformational national ambitions across the UAE and Saudi Arabia.”
Adding on, Lewis also sheds light on the fact that the achievement was the result of the collective dedication of the team and the trust of their clients and partners, who were all instrumental to their success. He even thanks the DFM for its vital role in enabling their successful IPO journey.
His Excellency Helal Al Marri, Chairman of DFM, said:
“ALEC’s listing on the DFM marks another important step in the continued growth and diversification of Dubai’s capital markets. Guided by the vision of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, we are expanding access to equity markets for leading national companies across priority sectors, deepening investor participation, and supporting Dubai’s sustainable economic development. Each new listing reinforces Dubai’s position as a trusted and dynamic financial centre connecting regional enterprises with global capital.”