ALEC Holdings makes record DFM debut with Dhs1.4bn IPO

Image: Dubai Media office

ALEC Holdings, the Dubai-based engineering and construction group based in Dubai, made a strong debut on the Dubai Financial Market (DFM) on Wednesday following the UAE’s largest-ever initial public offering (IPO) in the construction sector by valuation and size, and the first in more than 15 years.

The company raised Dhs1.4bn ($381m) through the sale of one billion existing shares by its sole shareholder, the Investment Corporation of Dubai (ICD), representing 20 per cenr of ALEC’s share capital.

ICD retains an 80 per cent stake following the listing.

The IPO, priced at Dhs1.40 per share, valued ALEC at Dhs7bn ($1.91bn) and attracted around Dhs30bn ($8.1bn) in orders, more than 21 times oversubscribed.

Non-UAE investors accounted for one of the highest participation levels among recent Dubai government-related listings.

A key milestone for ALEC Holdings, says CEO

Barry Lewis, CEO of ALEC Holdings, said the listing marked “a proud and defining milestone”, reflecting over two decades of growth and operational excellence.

ALEC plans to distribute Dhs200m in dividends in April 2026, followed by Dhs500m for FY2026, representing a 7.1 per cent dividend yield at listing.

The shares began trading under ticker “ALEC”. As of June 2025, DFM’s market capitalisation reached Dhs995bn.