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Tristar sets price bracket for second Dubai IPO in three years




Dubai plans second IPO in three years with listing of Tristar

Photographer: Giuseppe Cacade / AFP / Getty Images

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Middle Eastern logistics company Tristar Transport has set the price range for its planned Dubai IPO at between 2.20 and 2.70 dirhams per share, which would only be the financial center’s second listing in three years. .

The company plans to offer Until 24% of its shares in the IPO, according to a Sunday press release, valuing up to 3.24 billion dirhams (882 million dollars). The placement will include an issue of 199 million new shares and a secondary offering of Until 88.8 million shares of existing shareholders.

Tristar could raise up to 777 million dirhams thanks to its secondary and primary offers.

If the price were at the top of the range, the IPO would be the largest on the main Dubai stock exchange since 2017, whenEmaar Development PJSC has raised $ 1.3 billion. Since then, new offers have been stifled in a context of decreasing volumes and write-offs of large companies such as the port operator DP World.

In contrast, the Saudi Arabian stock exchange saw the most activity for offerings in the Gulf, with retail and institutional investors boosting demand for IPOs. Firms in the kingdom have raised around $ 867 million by selling new shares in the past 12 months.

Tristar operates in 21 countries on three continents and provides transportation and storage services to its customers, includingAbu Dhabi National Oil Co., Total SA andDow Inc.

  • The proceeds of 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.
  • Offer period begins Sunday and ends April 15th
  • Listing on the Dubai Financial Market is expected to take place on April 22, subject to market conditions and regulatory approvals

– With the help of Filipe Pacheco

(Updates with context and more details from the fourth paragraph)

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