UAE: The Shariah compliant IPO for engineering and construction group ALEC Holdings has been oversubscribed by 21 times, with the final offer price set at AED1.40 (US$0.38) per share, at the top end of the previously announced price range. A billion shares, representing a 20% stake in the firm, was offered for sale by the Investment Corporation of Dubai, the principal investment arm of the Dubai government – which retains a 80% holding. The firm is to be listed on the 15th October 2025 on the Dubai Financial Market. This offering is the UAE’s largest ever construction IPO in terms of both valuation and size and the first IPO in the sector in over 15 years.
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