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Tristar Sets Price Range for 2nd Dubai IPO in 3 yrs

Finance Dubai 06 Apr 21
Tristar Sets Price Range for 2nd Dubai IPO in 3 yrs
Middle Eastern logistics firm Tristar set the price range for its planned IPO at 2.20 dirhams to 2.70 dirhams per share, in what would be only it’s second listing in 3 years
Event Location
Dubai , Dubai
Start Time
06 April 2021, 12:00 AM
End Time
30 April 2021, 12:00 AM

Dubai-based logistics company Tristar Transport launched its initial public offering (IPO) on Sunday, targeting a valuation of up to Dh3.24 billion.

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.

The company has set a price range of Dh2.20 – Dh2.70 per share, resulting in a market capitalisation in the range of Dh2.64 billion to Dh3.24 billion. Proceeds from the primary component will be in the range of Dh438 million to Dh537 million and the secondary component will be between Dh90 million and Dh240 million.

The offering, which is being made available to qualified investors only, starts today and will close on April 15, 2021 with expected listing of offer shares on the DFM expected to take place on April 22, 2021.

This is subject to market conditions and obtaining relevant regulatory approvals in the UAE, including from the SCA.

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, Saudi Arabia’s stock exchange has seen the most activity for offerings in the Gulf, with retail and institutional investors boosting demand for IPOs. Companies in the kingdom have raised about $867 million by selling new shares over the past 12 months.

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