Middle Eastern logistics firm Tristar Transport set the price range for its planned initial public offering in Dubai at 2.20 dirhams to 2.70 dirhams per share, 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 Sunday, valuing it at as much as 3.24 billion dirhams ($882 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.
- Proceeds from the primary component will be approximately 438 million dirhams to 537 million dirhams and the secondary component will be approximately 90 million dirhams to 240 million dirhams.
- The offer period starts Sunday and will close on April 15.
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.
Tristar operates in 21 countries across three continents, and provides transportation and storage services to customers including Abu Dhabi National Oil Co., Total SA and Dow Inc.
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