ALEC Holdings PJSC made a strong debut on the Dubai Financial Market today, marking the UAE’s largest-ever initial public offering in the construction sector and the first in over 15 years.
The listing raised AED 1.4 billion through the sale of 1 billion shares, highlighting Dubai’s growing position as a global investment hub.
The IPO, fully subscribed and priced at AED 1.40 per share, valued ALEC at AED 7 billion. Demand exceeded AED 30 billion, with oversubscription levels surpassing 21 times and significant participation from international investors, signaling a diversification of Dubai’s investor base. Following the sale, the Investment Corporation of Dubai retains an 80 percent stake in the company.
Barry Lewis, ALEC’s CEO, rang the market-opening bell alongside His Excellency Helal Al Marri, DFM Chairman, and Hamed Ali, CEO of DFM and Nasdaq Dubai. Lewis described the listing as a milestone reflecting over two decades of growth and operational excellence, positioning ALEC for continued innovation and long-term value creation under enhanced governance as a listed company.
DFM officials highlighted the listing’s significance for Dubai’s capital markets. Al Marri said it expands access for leading national companies, deepens investor participation, and supports sustainable economic growth. Ali noted the IPO reflects investor confidence in the UAE’s economic outlook and the appeal of DFM as a platform for growth.
ALEC plans to distribute AED 200 million in dividends in April 2026 and AED 500 million later that year, targeting a 7.1 percent yield at listing. Going forward, the company intends to pay dividends semiannually with a minimum payout ratio of 50 percent of net profit, subject to board approval.
The company’s shares now trade under the ticker “ALEC,” amid a broader period of robust growth for Dubai’s capital markets, with total DFM market capitalization nearing AED 995 billion and strong institutional and foreign investor participation.
News Source: Dubai Media Office
