.
.
.
.

Dubai’s Tristar sets price range for IPO, implies market cap of up to $882.16 mln

Published: Updated:

Logistics firm Tristar set the price range for its initial public offering on Sunday, implying a market capitalization of 2.64 billion to 3.24 billion dirhams ($718.80 million-$882.16 million).

Proceeds from its primary offering will be approximately 438 million dirhams to 537 million dirhams, Tristar said in a statement.

For all the latest headlines follow our Google News channel online or via the app.

It expects to raise another 90 to 240 million dirhams from a secondary offering, which will come from selling shares held by existing shareholders, the company said.

Tristar began its public share sale on Sunday, the first on Dubai’s DFM exchange since 2017, and will close on April 15.

The Group said it recorded a consolidated revenue of $453.4 million, and earnings before interest, tax, depreciation and amortization (EBITDA) of $103.6 million for 2020.

BofA Securities and Citigroup have been hired as global coordinators and joint bookrunners on the deal. First Abu Dhabi Bank and HSBC Bank Middle east Limited are regional coordinators. Societe Generale is a joint bookrunner and Kuwait Financial Centre is a co-lead manager. Moelis is acting as an independent financial advisor to Tristar.

Read more:

UAE investor optimism still high, ranks fifteenth in global investment index

Abu Dhabi ranks 11th in Global Technology Index, fifth in cybersecurity

World Bank sees MENA debt rising at fastest pace in 21st century