Alec shares rise on debut: Shares of Alec Holdings inched up 0.7% to close at AED 1.41 apiece on their first day of trading on the DFM, according to market data. The stock earlier touched a high of AED 1.50, with around 128.4 mn shares changing hands across 4.2k transactions, generating AED 186.4 mn in turnover.

Refresher: Alec floated 20% of its total capital in an AED 1.4 bn offering priced at the top of its range at AED 1.40 a share, giving the company a market cap of around AED 7 bn at listing.

Part of Dubai’s privatization lineup: The construction and engineering firm, part of the Investment Corporation of Dubai’s (ICD) portfolio, is the seventh company to IPO under the emirate’s privatization drive following in the footsteps of Parkin, Dewa, Dubai Taxi, Salik, Tecom, and Empower.

IN CONTEXT- IPO activity has been somewhat subdued this year, with only one other listing on the DFM, namely Dubai Residential REIT in May. Still, the real estate angle proves promising for Alec. Its pipeline spans large-scale residential, hospitality, andmixed-use projects across Dubai and Saudi Arabia, placing it among the key contractors poised to gain from the UAE’s ongoing construction and property upswing. The company’s listing gives investors direct exposure to the region’s infrastructure and real estate growth cycle at a time when project activity remains healthy.

ADVISORS- Our friends at EFG Hermes acted as joint bookrunners on the transaction alongside Abu Dhabi Commercial Bank. They were joined by Emirates NBD Capital and JP Morgan as joint global coordinators and bookrunners, while Moelis served as independent financial adviser. Gibson, Dunn & Crutcher, and Ibrahim & Partners provided counsel.

ALSO IN THE PIPELINE:

  • Dubai-based property and classifieds platform Dubizzle Group Holding will open subscriptions for its hybrid offering of a 30% stake next week;
  • Dubai Investments plans to list 25% of Dubai Investments Park;
  • Amanat Holding secured regulatory approval to list 30% of its education unit in Saudi Arabia’s Tadawul; with potential plans to also float its healthcare arm ;
  • Binghatti was the latest to join the UAE real estate IPO frenzy earlier this month as it tapped banks for a potential IPO, joining Arabian Construction ;
  • Emirates Global Aluminium could be reviving plans for a potential IPO that could rank among the region’s largest;
  • ADQ-backed Etihad Airways highly-anticipated IPO was expected to kick off after Eid Al Fitr but could be delayed to 2026 ;
  • Dubai Holding plans to float two of its property portfolio units;
  • Abu Dhabi Investment Group is eyeing listings for its financial unit and energy subsidiary this year;
  • Hospitality group Five Holdings also tapped advisors for a potential listing;
  • Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.
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