Page 226 - ALEF EDUCATION PR REPORT - OCTOBER 2025

10/2/25, 11:54 AM Alec Holding raises $381m in Dubai IPO | The National
Alec Holding raises $381m in Dubai IPO

The offering on the Dubai Financial Market was 21 times oversubscribed

Alvin R Cabral
October 01, 2025

UAE construction and engineering company Alec Holdings has raised Dh1.4 billion ($381.2 million)
from its initial public offering on the Dubai Financial Market, setting the price range at the top end of its
float.

The company set the price at Dh1.40 per share, with the offering oversubscribed more than 21 times,
the Dubai-based company said on Wednesday. The IPO recorded “one of the highest levels of non-
UAE investor participation among recent UAE government-related listings on the DFM”, the company

said.

The pricing implies a market capitalisation of Dh7 billion at the time of its listing.

The Investment Corporation of Dubai, the principal investment arm of the Dubai government, is
currently the biggest shareholder of Alec and sold one billion ordinary shares, which equals 20 per
cent of the company’s share capital.

The company expects its shares to start trading on the DFM on or around October 15, under the ticker
“ALEC”.

The response to the IPO was a “clear vote of confidence” in the company, Barry Lewis, chief executive

of Alec Holdings, said.

“The strong response also signals broader investor conviction in the region’s construction sector,
underpinned by ambitious national agendas and a strong pipeline of transformational projects,” he

said.

Alec had reserved 10 per cent of offered shares for the Emirates Investment Authority and the
Pensions Social Security Fund of Local Military Personnel.

Both entities were entitled to subscribe to 5 per cent each of the reserved quota, however, if
unsubscribed, those shares were to be offered to other professional investors, the company said last
week.

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