• The total size of the initial public offering is AED 1.4 billion (equivalent to USD 381 million), while the implied market capitalization of ALEC Holding PJSC upon listing on the Dubai Financial Market will reach AED 7.0 billion (equivalent to USD 1.91 billion).
• The IPO attracted significant interest and strong demand from a wide cross-section of high-net-worth investors in the UAE, the GCC region, and global markets, with total demand reaching approximately AED 30 billion (equivalent to USD 8.1 billion), resulting in an oversubscription of more than 21 times across all tranches.
• It is the largest initial public offering in the construction sector in the UAE in terms of market capitalization and size, and the first in the sector in more than 15 years.
• The offering recorded one of the highest levels of participation from non-UAE investors among recent offerings of government-owned companies on the Dubai Financial Market.
• The expected dividend yield for fiscal year 2026 is 7.1% based on the final offering price.
• This exceptional interest reflects the unique investment proposition offered by ALEC Holding PJSC, its strong market reputation, and promising growth prospects, which make it an attractive investment option.
• The Ordinary Shares are expected to be listed and commence trading on the Dubai Financial Market (“Listing”) on or around 15 October 2025.

Dubai, United Arab Emirates – ALEC Holding PJSC (“ALEC” or the “Company”), a leading diversified engineering and construction group, today announced the successful completion of the bookbuilding and subscription process for its initial public offering (the “Offering”) on September 30, 2025, and the final offer price of AED 1.40 per share, the top end of the previously announced price range.

Final offering price details

Investment Corporation of Dubai (the "Selling Shareholder" or "ICD"), the principal investment arm of the Government of Dubai, has offered a total of 1,000,000,000 (one billion) ordinary shares (the "Offer Shares"), representing 20% of the share capital of ALEC. Based on the final offer price, the total proceeds from the Offering amounted to AED 1.4 billion (equivalent to USD 381 million), implying a market capitalization of AED 7.0 billion (equivalent to USD 1.91 billion) upon listing on the Dubai Financial Market. This offering represents a milestone in the history of the local capital markets, as it is the largest initial public offering (IPO) in the UAE's construction sector—both in terms of market capitalization and offer size—and the first such offering in over 15 years. All Offer Shares are outstanding shares owned by the Selling Shareholder, and therefore ALEC will not receive any proceeds from the Offering, as the proceeds will be entirely held by the Selling Shareholder. Following the completion of the offering, the Investment Corporation of Dubai will continue to own an 80% stake in the company .

According to the company's dividend policy, available in the UAE prospectus and the international offering prospectus, ALEC is expected to distribute cash dividends of AED 200 million in April 2026 and a further AED 500 million for the fiscal year 2026, payable in two installments: the first in October 2026 and the second in April 2027. Based on the AED 500 million dividend for the fiscal year 2026 and the final offer price of AED 1.40 per share, the dividend yield will reach 7.1% upon listing. Thereafter, the company expects to distribute cash dividends semi-annually (in April and October of each year), at a payout ratio of no less than 50% of the net profits achieved for that fiscal period, subject to board approval and ensuring the availability of distributable reserves.

IPO Subscription Details

The offering witnessed strong demand from a diverse group of distinguished investors, with total demand reaching approximately AED 30 billion (USD 8.1 billion), resulting in oversubscription of more than 21 times across all three tranches. The offering recorded one of the highest levels of non-UAE investor participation among recent offerings of government-owned companies on the Dubai Financial Market.

Investors participating in the individual subscription (first tranche) and the subscription for qualified employees of ALEC and Investment Corporation of Dubai (third tranche) will be notified of the allocation of shares via text messages on October 7, 2025, with the refund process commencing on October 8, 2025 .

In this context, Barry Lewis, CEO of ALEC Holding, stated: “We are proud of the success of ALEC’s IPO, which was reflected in the strong demand and significant interest from a diverse base of distinguished investors. This success is a clear testament to the confidence we offer in our promising investment value proposition and our disciplined operating business model. This overwhelming response also confirms investors’ strong belief in the promising prospects of the construction sector in the region, supported by ambitious national plans and a portfolio of large-scale transformational projects. We extend our sincere thanks to our new shareholders for their valuable confidence in ALEC, and we look forward to embarking together on the next phase of expansion, achievement, and value creation for all.”

Listing and price stability

The offering and listing are currently expected to be completed on October 15, 2025, under the symbol "ALEC" and the international identification number "AEE01710A255" , subject to market conditions and obtaining relevant regulatory approvals in the United Arab Emirates, including approval for listing and trading on the Dubai Financial Market .

Under the underwriting agreement entered into between the Company, the selling shareholder, and the joint bookrunners on September 23, 2025, the remaining ordinary shares held by the selling shareholder following the listing will be subject to a lock-up period commencing from the listing date and ending after 180 days, subject to certain permitted transfers as set forth in the underwriting agreement. The Company will also be subject to a lock-up period of 180 days commencing from the listing date, in accordance with the terms of the underwriting agreement .

In connection with the offering, the selling shareholder will allocate the proceeds from the sale of up to 100,000,000 (one hundred million Offer Shares) to X Cube LLC, a stabilizing manager authorized by the Dubai Financial Market. These proceeds may be used, to the extent permitted by applicable laws, rules, and regulations, to execute stabilizing transactions on the Dubai Financial Market. The Joint Bookrunners, their officers, employees, agents, and affiliates will not be involved in, responsible for, or beneficiaries of any such transactions, which will be executed solely by X Cube LLC.

Compliance with the provisions of Islamic Sharia

Emirates NBD's Internal Sharia Supervisory Committee issued a statement confirming that the offering, in its view, is compliant with Islamic Sharia principles.

Emirates NBD Capital PJSC and J.P. Morgan Securities PLC have been appointed as Joint Global Coordinators and Joint Bookrunners (the “Joint Global Coordinators”), and Abu Dhabi Commercial Bank PJSC and EFG Hermes UAE Limited, in conjunction with EFG Hermes UAE LLC (together “EFG Hermes”), have been appointed as Joint Bookrunners (together with the Joint Global Coordinators, the “Joint Bookrunners”). Moelis & Company UK – DIFC Branch has been appointed as an independent financial advisor (the “Independent Financial Advisor”).

Emirates NBD PJSC has been appointed as the lead receiving bank for the offering. Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Maryah Local Bank, Commercial Bank of Dubai PJSC, Dubai Islamic Bank PJSC, Emirates Islamic Bank PJSC, First Abu Dhabi Bank PJSC, Mashreqbank PJSC, and We Bank PJSC have also been appointed as receiving banks. The Emirates NBD IPO call center can be contacted by calling 800 ENBD IPO (800 3623 476).

Details of the offering are available in the UAE prospectus for the first and third tranches, and in the international offering prospectus issued in English for the second tranche. The UAE and international offering prospectuses are available online at www.alec.ae/ipo .

Independent Financial Advisor
Moelis & Company UK – DIFC Branch

Joint Global Coordinators and Joint Registry Administrators
Emirates NBD Capital PJSC

JPMorgan Securities PLC

Joint Registry Managers
Abu Dhabi Commercial Bank PJSC
EFG Hermes

Primary Receiving Bank
Emirates NBD PJSC

Receiving banks
Abu Dhabi Commercial Bank PJSC
Abu Dhabi Islamic Bank PJSC
Al-Maria Local Bank
Commercial Bank of Dubai PJSC
Dubai Islamic Bank PJSC
Emirates Islamic Bank PJSC
Emirates NBD PJSC
First Abu Dhabi Bank PJSC
Mashreq Bank PJSC
Bank Weu S.A.E.

Offering schedule

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#Corporate Data

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