Dubai Gets Second IPO in Three Years With Tristar Listing - Bloomberg
Middle Eastern logistics firm Tristar Transport is looking to raise gross primary proceeds of between $120 million and $160 million in an initial public offering in Dubai next month, in what would be only the financial hub’s second listing in three years.
The company plans to offer up to 24% of its shares in the IPO, according to a statement on Tuesday, valuing it at as much as $964 million. The placement will include an issuance of 199 million new shares and a secondary offering of up to 88.8 million shares by existing shareholders.
Sovereign wealth fund Emirates Investment Authority has the right to subscribe to buy 5% of the offer. Kuwaiti logistics firm Agility Public Warehousing Co. plans to sell just under 15% of its stake in Tristar and will remain a majority shareholder after the IPO.
If priced at the top of the of the range, the IPO would be the biggest on Dubai’s main exchange since 2017, when Emaar Development PJSC raised $1.3 billion. Since then, new offerings have languished amid shrinking volumes and delistings of major companies such as port operator DP World. By contrast, new offerings jumped in neighboring Saudi Arabia.
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